Solana (SOL) is set for a 118% increase if the scenario that occurred in 2024 successfully repeats.
This technical setup last appeared in the fourth quarter of 2024, so it signals that SOL's price could soon reach the $340 mark in the short term.
At the time of writing, SOL is trading around $169 after a 6.4% drop over the past 7 days.
SOL aims for a double increase, nearing a new historical peak
The price of SOL seems ready to double from its current level, according to a bullish fractal model — which previously helped SOL rise 70% in 2024.
The price maintaining above the support zone of $164 throughout the previous upward trend confirmed the strength of this area. According to market analyst Ali Martinez, the buyers are targeting to turn the two strong resistance zones of $177 and $189 into new support.
If history repeats itself, we could witness SOL establish a new all-time high (ATH) at $340. Historical data shows a similar pattern that helped the price rise from $155 to $265 during last year's rally.
The current setup also appears just after analyst Mary Emerald identified the important price range from $161–166, serving as solid support for the surge above $250.
According to her technical analysis, the golden cross pattern could support the bulls and help Solana exceed the $200 mark, moving towards testing the $255.93 level.
Meanwhile, the MACD histogram is in a positive state, with green bars, indicating that bullish momentum is strengthening.
However, the price also needs to surpass resistance levels at $177 and $189 to confirm a trend reversal, while the $161 level serves as an important support zone below.
If SOL maintains this upward momentum and turns the $189 mark into support, the bulls can fully confirm Mary's target of $255.93 and then aim for a 118% increase to $340.
As long as the mentioned price levels are maintained, SOL's current market setup remains in an upward trend in the medium and long term.
On-chain data: $200 million has been transferred to the Solana network
Users from Ethereum and many other blockchains have transferred over $200 million to the Solana network, of which a large portion comes from Ethereum with $113 million.
Arbitrum and Base contributed $37.73 million and $24.86 million respectively bridged to Solana. This indicates increasing demand for the DeFi ecosystem on Solana.
Additionally, derivative indicators on Coinglass show that net cash flow from the spot market on the Solana network reached $17.21 million on August 6, aligning with the overall market reserve flow trend.
If this trend continues, selling pressure could be eliminated, thus triggering stronger accumulation momentum.
A recent report also revealed increasing interest from large investors and whales, highlighted by a purchase of 71,000 SOL, worth about $12 million by a whale.
Phantom wallet in the Solana ecosystem acquires Solsniper
Phantom wallet – a product in the Solana ecosystem has just expanded its services from a storage wallet to providing on-chain analytics after acquiring the Solsniper platform.
This deal helps Phantom get closer to becoming a financial hub for users, with standout features such as instant transaction execution, token analysis, and user wallet tracking.
This move is also strategic for both retail users and DeFi users on Solana, as the network is expanding infrastructure to accommodate both user groups.
Future outlook
Solana is at a peak in user growth and the level of usage of products based on this network is also increasing — from the staking protocol, the mobile Seeker app, to non-custodial DeFi solutions, serving both individual users and financial institutions.
With a wave of new buyers pouring into SOL, along with increasing participation from companies in the Solana ecosystem, it is only a matter of time before the price retests the $200 mark and breaks through to a new all-time high (ATH).
Important price levels to watch include: $177 and $189.
