- SOL trades at $144.88, locked between $144.08 support and $147.72 resistance, mirroring past breakout setups.
- Previous consolidations led to 623% and 90% rallies; similar structure now hints at potential expansion.
- Elevated DEX activity, major integrations, and ETF filing momentum add strength to bullish outlook.
Solana (SOL) continues to draw market attention as technical and fundamental indicators align at a pivotal moment. After previous rallies of 623% in 2023 and 90% earlier in 2024, the asset is now undergoing another consolidation phase. The consistent pattern of extended consolidation followed by sharp upward moves has raised questions about whether a breakout could be next.
At the time of writing, SOL is trading at $144.88, which is a comparatively minor 1.0% decrease per day. The immediate support is at 144.08 and the nearest resistance is at 147.72. The market seems to be squeezing between these two important levels, creating a possible base of future action.
Recurring Patterns Hint at Another Potential Solana Surge
Looking at the weekly chart, Solana has exhibited a recognizable trend: long consolidations followed by steep gains. The first major breakout in mid-2023 saw the asset rise by 623%. A similar structure formed again, followed by a 90% gain. The current price action appears to be developing within the same framework, though the duration and strength of the upcoming move remain uncertain.
Source:(X)
Notably, technical consolidation zones have provided reliable staging grounds for the asset’s surges. If history were to repeat in terms of structure, the setup may soon test the $150 region with strength.
Ecosystem Growth and ETF Buzz Reinforce Bullish Sentiment
While chart patterns have attracted attention, external data also supports interest in the asset. The volumes of Solana DEX are high, suggesting high usage of decentralized exchanges. At the same time, corporate news like the entry of Visa and Shopify into Solana blockchain are also indicative of further ecosystem expansion.
In addition, there is momentum building around SOL ETF filings, adding further speculation to the market narrative. Though regulatory outcomes remain pending, filings often contribute to increased investor attention.
Consolidation Sets the Stage for Potential Breakout
The immediate focus is whether SOL can break above the $147.72 resistance zone. Consolidation continues to define market structure. However, increasing volume and network activity may become critical triggers if the pattern repeats.
Price behavior within the current range will likely determine the next leg of movement, with eyes on a possible test of higher levels.
