Solana (SOL) poised for Major Price Breakout,Potential Rally to $237
Solana’s SOL token has surged 33% since its August dip,currently hovering near $207.7. This rally signals a promising bullish breakout from a symmetrical triangle pattern.
Over the past month,SOL saw a 16% increase. this move aligns with a symmetrical triangle formation on its 4-hour chart. The pattern suggests higher lows and lower highs, indicating possible consolidation.
if SOL breaks above $208.8—the upper limit of the pattern—it could trigger a surge to around $237. Positive signs like MACD lines crossing and a rising RSI support this thesis.
- SOL futures show growing interest, reaching $12.9 billion in open interest.
- The Nasdaq listing of SOL Strategies is another bullish indicator.
Such listings might attract more institutional investment, tightening SOL’s market supply.
Regulatory changes and ETF approvals could also boost Solana’s appeal. Additionally, NFT transactions on Solana increased by 47% in the last 24 hours, hinting at renewed interest.
Despite bullish signals, falling below the lower trendline would negate the setup. Traders should watch closely for confirmation of the breakout for a clearer direction.
