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Reading: Solana on the Verge of a Breakout: Experts Predict Surge to $220!
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Deythere > News > News > Solana on the Verge of a Breakout: Experts Predict Surge to $220!
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Solana on the Verge of a Breakout: Experts Predict Surge to $220!

price surge or rise without using any cryptocurrency logos or blockchain elements. The image should depict abs
Milena Volodina
Last updated: October 22, 2024 1:25 pm
By
Milena Volodina
Published October 22, 2024
3 Min Read
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Real Vision analyst Jamie Coutts has highlighted a bullish outlook for Solana (SOL), 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.

Contents
Technical Analysis and Price OutlookOn-Chain Metrics and PerformancedApp Development and Competitive EdgePrice Target: $220Expert Insights

Technical Analysis and Price Outlook

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 USD and Bitcoin (BTC), 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.

On-Chain Metrics and Performance

Over the past six months, SOL’s price action has coincided with a rise in active addresses and total value locked (TVL). Additionally, the stablecoin 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.

Solana SOL on the verge of a price breakout. In the foreground the Solana logo is prominently displayed with a triangle cha

dApp Development and Competitive Edge

Despite the challenges, Coutts emphasized that Solana remains a hub for decentralized application (dApp) development and continues to compete with Bitcoin in terms of daily fee revenue. The triangle formation is visible on both absolute and BTC-relative charts, adding weight to the bullish case.

Price Target: $220

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.

Expert Insights

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.

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.

Solana, price target, triangle formation, on-chain metrics, decentralized applications

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ByMilena Volodina
Milena Volodina is a blockchain strategist and cryptocurrency expert with 9 years of experience in the industry. With a background in finance and technology, Milena has worked on numerous blockchain projects, including the development of decentralized finance (DeFi) platforms and blockchain-based financial services. Her expertise in both the technical and financial aspects of blockchain technology allows her to provide a comprehensive view of the industry. At DT NEWS, Milena offers readers expert analysis and insights into the latest trends and innovations in the blockchain and cryptocurrency world, ensuring they stay informed about key developments.
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