bullish

Solana

Vision

Edge

<p>Real Vision analyst <strong>Jamie Coutts</strong> has highlighted a bullish outlook for <strong>Solana (SOL)</strong>, noting that the price is poised for a significant move. In a recent post on X, Coutts pointed out that SOL has been consolidating within a large triangle formation over the past six months. The completion of this pattern could result in a major breakout in price.</p> 
<h2 id="technical-analysis-and-price-outlook">Technical Analysis and Price Outlook</h2> 
<p>Coutts believes that if Solana breaks above the upper boundary of this triangle, it could trigger a sharp price movement. SOL has shown consolidation against both <strong>USD</strong> and <strong>Bitcoin (BTC)</strong>, with improving on-chain metrics supporting the case for a potential price surge. The analyst suggests that these developments could lead to a substantial rise in SOL’s value.</p> 
<h2 id="on-chain-metrics-and-performance">On-Chain Metrics and Performance</h2> 
<p>Over the past six months, SOL’s price action has coincided with a rise in active addresses and total value locked (TVL). Additionally, the <strong>stablecoin</strong> market has shown growth. However, Coutts cautions that overall chain usage metrics have been declining, as the increase in active addresses hasn’t translated into higher revenue. This could be attributed to the unique dynamics of Solana’s blockchain.</p> 
<p><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-6205" src="https://deythere.com/wp-content/uploads/2024/10/Solana-SOL-on-the-verge-of-a-price-breakout.-In-the-foreground-the-Solana-logo-is-prominently-displayed-with-a-triangle-cha.webp" alt="" width="1792" height="1024" srcset="https://deythere.com/wp-content/uploads/2024/10/Solana-SOL-on-the-verge-of-a-price-breakout.-In-the-foreground-the-Solana-logo-is-prominently-displayed-with-a-triangle-cha.webp 1792w, https://deythere.com/wp-content/uploads/2024/10/Solana-SOL-on-the-verge-of-a-price-breakout.-In-the-foreground-the-Solana-logo-is-prominently-displayed-with-a-triangle-cha-300x171.webp 300w, https://deythere.com/wp-content/uploads/2024/10/Solana-SOL-on-the-verge-of-a-price-breakout.-In-the-foreground-the-Solana-logo-is-prominently-displayed-with-a-triangle-cha-1024x585.webp 1024w, https://deythere.com/wp-content/uploads/2024/10/Solana-SOL-on-the-verge-of-a-price-breakout.-In-the-foreground-the-Solana-logo-is-prominently-displayed-with-a-triangle-cha-768x439.webp 768w, https://deythere.com/wp-content/uploads/2024/10/Solana-SOL-on-the-verge-of-a-price-breakout.-In-the-foreground-the-Solana-logo-is-prominently-displayed-with-a-triangle-cha-1536x878.webp 1536w" sizes="(max-width: 1792px) 100vw, 1792px"></p> 
<h2 id="dapp-development-and-competitive-edge">dApp Development and Competitive Edge</h2> 
<p>Despite the challenges, Coutts emphasized that Solana remains a hub for decentralized application (dApp) development and continues to compete with <strong>Bitcoin</strong> in terms of daily fee revenue. The triangle formation is visible on both absolute and BTC-relative charts, adding weight to the bullish case.</p> 
<h2 id="price-target-220">Price Target: $220</h2> 
<p>If Solana successfully breaks out of the triangle pattern, Coutts projects that SOL could reach a price target of $210 to $220. This level is seen as a potential milestone in the next bull market. Currently, Solana is trading around $165.</p> 
<h2 id="expert-insights">Expert Insights</h2> 
<p>Real Vision CEO Raoul Pal also weighed in, noting that Solana crossing $160 and Bitcoin surpassing $70,000 could spark a new altcoin season. Both Pal and Coutts believe that Solana offers significant opportunities for investors based on its technical indicators and on-chain data.</p> 
<p>In conclusion, investors in Solana should consider these insights when formulating their strategies. Analysts like Coutts see a bright future for SOL, with the potential for substantial gains if current patterns hold.</p> 
<p>Solana, price target, triangle formation, on-chain metrics, decentralized applications</p>

Solana on the Verge of a Breakout: Experts Predict Surge to $220!

Table of Contents

DT News

Other articles published on Oct 22, 2024

Ethereum: Perkembangan Fundamental dan Prediksi Harga ETH US$7.333 di 2030

APT hits six-month high as God candle forms, rally expected to continue

Dogecoin Price Set to Hit $1: Investor Sentiment, Whale Activity, and More

Bitcoin Voter PAC Backs Ted Cruz as Early Voting Begins in Texas

Potential Sell-Off? $16.7M in Seized PlusToken ETH Is on the Move

MakerDAO May Return as Core Brand After Sky Rebrand Faces Backlash

Join our free newsletter for daily crypto updates!