Real Vision analyst Jamie Coutts suggests that Solana (SOL) is gearing up for a potential surge in prices. In a post on the social media platform X, Coutts explains that SOL has been consolidating within a large triangle pattern for the past six months, and a breakthrough in resistance could trigger a volatile upward movement.

While the price of SOL has been consolidating against both USD and Bitcoin (BTC), Coutts observes that most on-chain metrics have been showing improvement. He notes that there have been notable increases in active addresses, total value locked (TVL), and stablecoin market cap. However, he also mentions that chain utilization metrics have generally declined, as the rise in active addresses hasn’t translated into a corresponding increase in economic value. This discrepancy could be attributed to the manipulation of unique on-chain dynamics.

Nevertheless, Solana remains a hub for decentralized application (dApp) development and is now competing with Bitcoin in terms of daily fee income. Coutts emphasizes that the coiling price action on the absolute chart is also evident on the relative chart against BTC.

Once the resistance is broken, Coutts sets a price target of around $210-$220 for SOL, which would likely be the first milestone in the upcoming bullish wave.

As of writing, SOL is currently trading at $165.

Real Vision CEO and macro guru Raoul Pal recently mentioned that a convincing break above $160 for Solana and $70,000 for Bitcoin could lay the foundation for a proper altseason.

Source: Jamie Coutts/X

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