Solana ($SOL
) price has a chance to break out of the current ascending triangle pattern and launch a rally. Institutional #investors will play a key role in this move
Solana (SOL)'s largest holders continue to support the asset. This indicates growing #Optimism , even despite the overall uncertainty in the market.
Key investors are providing support for Solana
Institutional investors remain optimistic about Solana, even despite outflows from other leading cryptocurrencies. According to a recent report from CoinShares, SOL attracted $5.3 million in investment in the week ending October 4. This figure stands out amid significant outflows from bitcoin and Ethereum during the same period.
Solana is attracting institutional interest even in a bear market. This shows the confidence of major players in the long-term potential of the coin. A steady inflow of institutional investments may become a catalyst for its growth.
The dynamics of Solana is also supported by technical indicators. One of them is the Relative Strength Index (RSI), which indicates a strong uptrend.
Despite the fact that RSI is now below the neutral mark of 50.0, it has a chance to exceed this threshold and enter the growth zone. Such a move would confirm the #sol板块 uptrend and help price break out of the current pattern.
The combination of institutional support and improving technicals makes such a bullish breakout likely. If the #RSI breaks above 50.0 and enters a rising zone, it will increase the chances of a SOL rally.
SOL outlook: price is aiming upwards
At the moment, Solana is holding above the important support level of $139. The cryptocurrency is moving within an ascending triangle #Pattern , which is usually a precursor to a bullish breakout. If successful, the price could rise by 33% and reach $216.
However, for such a breakout, the asset must first overcome the resistance at $161. Given the investments of big players and positive indicators, this scenario seems realistic.
The rally will be confirmed when Solana turns the $184 resistance level into support. However, if SOL fails to break out of the ascending triangle, the price could pullback to $139. The loss of this support will cancel the current pattern and weaken the bullish outlook.
