Solana Price Breakout Looms After 36-Day Consolidation
Solana (SOL) has formed a 36-day ascending triangle, a bullish continuation pattern that suggests a breakout above $207. Crypto analyst Bluntz highlights this setup on Coinbase, noting SOL’s recent consolidation between $187 and $205. Trading at $202.34, SOL is up 11.9% in the past week and 28% year-on-year. A decisive move above $207 could trigger targets at $250, $277 and $300. Key support sits at $176 after recent rejections at $205. Solana’s fundamentals are strengthening: active wallets near 3 million, network throughput tripled since July, and Visa’s USDC pilot underscores adoption. Institutional interest grows as Pantera Capital raises $1.25 billion for a Solana fund while Galaxy Digital and Jump Crypto plan a $1 billion reserve. This technical and fundamental backdrop may fuel a major rally if SOL breaks resistance.
Bullish
The identification of a 36-day ascending triangle—a classic bullish continuation pattern—signifies building buying pressure on SOL. A successful breakout above $207, confirmed by volume, historically leads to rapid gains; previous patterns in Solana’s chart preceded rallies toward $293. Coupled with robust fundamentals—tripled network throughput, near 3 million active wallets, Visa’s USDC pilot—and substantial institutional inflows from Pantera Capital, Galaxy Digital and Jump Crypto, market sentiment is likely to turn positive. Short-term traders may enter on breakout confirmation, driving momentum toward $250–$300 targets, while long-term holders gain confidence from growing adoption and capital support. Overall, this development suggests a bullish outlook for SOL price.