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Home»ALTCOIN NEWS»Cryptocurrency Analyst Jamie Coutts Spotlights Solana Price Target Amid SOL’s ‘Coiling Price Action’
ALTCOIN NEWS

Cryptocurrency Analyst Jamie Coutts Spotlights Solana Price Target Amid SOL’s ‘Coiling Price Action’

By Crypto FlexsOctober 21, 20242 Mins Read
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Cryptocurrency Analyst Jamie Coutts Spotlights Solana Price Target Amid SOL’s ‘Coiling Price Action’
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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.”

Source: Jamie Coutts/X

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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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and you will be responsible for any losses you may suffer. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.

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