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 move.

After 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 trajectory.

Technical 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 24.

Such formations are typically interpreted as bullish continuation signals, indicating that buying pressure is building and often concluding with a decisive break upward. The 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 strength. It is currently trading at $202.34, up 11.9% over the past week and holding a monthly gain of 4.4%, according to CoinGecko.

The asset has also jumped 28% year-on-year, with its current consolidation phase reflecting growing pressure beneath resistance. Its 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 setbacks. SOL recently dipped below $190 following a rejection at $205, a pullback that had market watchers eyeing $176 as a key support zone.

Traders are now keeping an eye out for confirmation of a breakout above $207, a level that has repeatedly capped rallies since March. If breached with volume, targets could extend to $250, $277, and potentially $300, according to chart projections previously shared by analyst Ali Martinez.

Institutional Accumulation Builds a Strong Foundation

Despite the volatility, Solana’s fundamentals have remained strong. As reported earlier in the month, active wallets on the network are now almost at 3 million, with blockchain throughput tripling since July.

On top of that, Visa recently launched a pilot for USDC settlements on Solana, further showing its scope for real-world adoption. Pantera 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 reserve.

This 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 breakout. If 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.