Real Vision analyst Jamie Coutts says that Solana (SOL) is likely preparing for its next leg up to higher prices.
In a post on the social media platform X, Coutts says SOL has been “coiling” within a large triangle pattern over the last six months, and that a break through resistance will trigger a volatile move to the upside.
[adinserter block="1"]While the price of SOL has been consolidating – both against USD and Bitcoin (BTC) – Coutts says that most on-chain metrics have also been improving.
“The coiling price action over the past six months has seen notable increases in active addresses, TVL (total value locked), and stablecoin market cap. However, chain utilization metrics have generally declined, as the surge in active addresses hasn’t translated into a corresponding rise in economic value (fee revenue)—possibly due to the notorious gaming of unique on-chain dynamics.
Despite this, the chain remains a hotbed for dApp (decentralized application) development and is now competing with Bitcoin in daily fee income.
Notably, the coiling price action on the absolute chart is evident on the relative chart vs. BTC as well.
Once pierced to the upside, the price target from the large triangle pattern for SOL is around $210-$220, likely marking the first stop in the next wave higher of the bull market.”
At time of writing, SOL is trading at $165.
Real Vision CEO and macro guru Raoul Pal recently said that a convincing break of $160 for Solana and $70,000 for Bitcoin would likely lay the grounds for a proper altseason.
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