SOL Price Poised for Breakout After 36-Day Consolidation: Analyst

A closely watched crypto analyst has identified an important technical pattern forming on Solana’s chart, suggesting the digital asset is on the cusp of a major upward ￰0￱ more than a month of consolidation, SOL appears ready to shatter a key resistance level, potentially kicking off a new leg up in its price ￰1￱ Pattern Points to Imminent Move Bluntz, a pseudonymous crypto trader with more than 327,000 followers on X, earlier today on the social platform shared a chart showing a distinct ascending triangle pattern for SOL that has been forming on the Coinbase exchange since about July ￰2￱ formations are typically interpreted as bullish continuation signals, indicating that buying pressure is building and often concluding with a decisive break ￰3￱ analyst’s assessment implies that the extended period of sideways trading is finishing, setting the stage for a significant price jump.

“This ascending triangle $sol breakout is going to be epic,” Bluntz announced. “36 days of ranging coming to an end soon.” His outlook has come at a time when SOL is demonstrating renewed ￰4￱ is currently trading at $202.34, up 11.9% over the past week and holding a monthly gain of 4.4%, according to ￰5￱ asset has also jumped 28% year-on-year, with its current consolidation phase reflecting growing pressure beneath ￰6￱ 24-hour chart shows it bouncing between $187 and $205, while the broader seven-day range stretched from $179 to $212. However, the comeback trail has not been without ￰7￱ recently dipped below $190 following a rejection at $205, a pullback that had market watchers eyeing $176 as a key support ￰8￱ are now keeping an eye out for confirmation of a breakout above $207, a level that has repeatedly capped rallies since ￰9￱ breached with volume, targets could extend to $250, $277, and potentially $300, according to chart projections previously shared by analyst Ali ￰10￱ Accumulation Builds a Strong Foundation Despite the volatility, Solana’s fundamentals have remained ￰11￱ reported earlier in the month, active wallets on the network are now almost at 3 million, with blockchain throughput tripling since ￰12￱ top of that, Visa recently launched a pilot for USDC settlements on Solana, further showing its scope for real-world ￰13￱ Capital is also raising $1.25 billion for a Solana-centered fund, with other major firms, including Galaxy Digital and Jump Crypto, planning a separate $1 billion ￰14￱ growing belief in the network’s long-term value, combined with a favorable macroeconomic backdrop, could create the sort of powerful tailwind that may aid a potential technical ￰15￱ Bluntz’s forecast proves right, the 36-day coil could soon give way to one of Solana’s strongest pushes of the year, taking it closer to retesting its January high near $293.