Solana (SOL) is on the verge of a significant move as a prominent market analyst highlights a bullish pattern after more than a month of consolidation. According to technical signals, a SOL price breakout may be imminent, with strong buying pressure building under resistance levels.

SOL Price Breakout Pattern Signals Upward Move

According to the experienced market analyst known as Bluntz, SOL has formed a pronounced ascending triangle on the Coinbase chart since late July. This pattern is widely recognized as a bullish continuation indicator, suggesting that Solana may soon break through a major resistance zone.

Bluntz commented, “This ascending triangle $sol breakout is going to be epic. 36 days of ranging coming to an end soon.” As of now, SOL is trading at around $202.34, reflecting an 11.9% rise over the past week and maintaining a monthly gain of 4.4%. Over the past year, Solana has climbed 28% despite recent volatility.

During the last 24 hours, SOL has traded between $187 and $205. Its seven-day range extends from $179 to $212. Recently, the price briefly dipped below $190 after facing resistance at $205, leading market participants to monitor $176 as a crucial support level.

Traders are closely watching for a definitive breakout above $207, a barrier that has limited upward movements since March. Should SOL break this level with volume, price targets include $250, $277, and possibly $300, following chart projections from analyst Ali Martinez. For more on ascending triangle patterns and their implications in crypto trading, visit Investopedia.

Institutional Support Fuels SOL Price Breakout Prospects

Despite market fluctuations, Solana’s underlying fundamentals look robust. The network now boasts nearly 3 million active wallets, and its transaction throughput has tripled since July. Recent developments, such as Visa’s pilot for USDC settlements on Solana and Pantera Capital’s $1.25 billion fundraising for a Solana-focused fund, underscore increasing institutional confidence.

Major firms such as Galaxy Digital and Jump Trading are also assembling a $1 billion reserve for Solana investments, further reinforcing bullish sentiment. These favorable conditions—combined with positive technical indicators—could provide the momentum needed for a SOL price breakout.

Should the analyst’s prediction hold, the end of this 36-day consolidation phase could trigger one of Solana’s biggest rallies in 2024, potentially retesting its January highs near $293.

Key Levels to Watch for the SOL Price Breakout

  • Resistance: $207 (breakout confirmation), $250, $277, $300 (potential targets)
  • Support: $190 (short-term), $176 (major)

As market momentum builds, all eyes are on the imminent SOL price breakout. Traders are advised to watch these critical levels for confirmation of direction and strength.