Solana (SOL) is showing signs of preparing for a significant price increase, according to Real Vision analyst Jamie Coutts. Coutts suggests that SOL has been consolidating within a large triangle pattern for the past six months and a break through resistance could trigger a volatile move to the upside.
Despite the price of SOL consolidating against both USD and Bitcoin (BTC), Coutts highlights that several on-chain metrics have been on the rise. Active addresses, total value locked (TVL), and stablecoin market cap have all seen notable increases. However, chain utilization metrics have declined slightly, possibly due to unique on-chain dynamics.
Nevertheless, Solana remains a hub for dApp development and is now rivaling Bitcoin in daily fee income. The coiling price action on the absolute chart is also reflected on the relative chart versus BTC. Coutts believes that once the resistance is broken, SOL could target a price range of $210-$220, marking the beginning of a new bullish wave.
Currently, SOL is trading at $165, and Real Vision CEO Raoul Pal has mentioned that a convincing break of $160 for Solana and $70,000 for Bitcoin could pave the way for a proper altseason. This suggests that the cryptocurrency market may be gearing up for a period of increased activity and potential price surges.
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As we look towards the future of Solana and the broader cryptocurrency market, it’s clear that exciting opportunities lie ahead. Keep an eye on SOL’s price movements and key resistance levels to stay ahead of the curve in this dynamic and rapidly evolving market.
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(Source: Jamie Coutts/X)