Real Vision analyst Jamie Coutts says Solana (SOL) is likely ready for the next round of price increases.
Coutts, in a post on social media platform
While the price of SOL is consolidating against both USD and Bitcoin (BTC), Coutts says most on-chain metrics are also improving.
“Coiling price action over the past six months has resulted in notable increases in active addresses, total value locked (TVL), and stablecoin market capitalization. However, chain utilization metrics have generally declined, as the surge in active addresses has not resulted in a corresponding increase in economic value (fee revenue). This is probably due to the game’s notoriously unique on-chain mechanics.
Nonetheless, the chain remains a hotbed of decentralized application (dApp) development and is currently competing with Bitcoin in daily fee income.
In particular, the coiling price action on the absolute chart is also evident on the relative chart versus BTC.
Once it surges upwards, the price target for SOL’s large triangle pattern is around $210-$220, which will likely mark the first stop in the next wave of the bull market.”
As of this writing, SOL is trading at $165.
Real Vision CEO and macro expert Raoul Pal recently said that a clear breakout of $160 for Solana and $70,000 for Bitcoin would lay the foundation for a proper alt season.
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