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.
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.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DALLE3
Credit: Source link
