Solana [SOL] has emerged as one of the brightest stars of this market cycle. The coin recovered from a low of $8 following the FTX crash, reaching a high of nearly $210 in March 2024. That’s a gain of over 2,000%.
However, market struggles in Q2 and Q3 forced the altcoin to consolidate above $120.
According to renowned technical chart analyst Peter Brandt, the fact that SOL has maintained its price over the past six months is a positive signal for an upcoming bull run.
He emphasized:
“It looks like the price of SOL (SOL/USD) has held support at $120. This could form a rectangle that could potentially lead to a significant upside move.”
In that case, when breaking out of a rectangular channel, the price tends to rise back up to the height of the channel. In theory, that would lead to a rally to $280.
Does BreakPoint support SOL price?
As predicted, Solana’s BreakPoint event saw major announcements and interest from organizations in the alternative Layer 1 blockchain space.
From asset managers like Franklin Templeton to tokenization service providers like Securitize, everyone has plans to operate on the Solana network.
Additionally, Citi, one of the leading banks, is reportedly exploring the possibility of tokenization and digital payments through Solana.
Additionally, Solana’s infrastructure is getting ready for a major overhaul, as Firedancer, its second validator client, has been put into testing and could soon appear on the Mainnet.
Firedancer is expected to be able to handle up to 1 million transactions per second, up from the current 3,000 transactions per second.
Not only does this improve processing speed, it also makes the network more decentralized by minimizing the risk of a single point of failure based on a single validating client.
However, network growth has leveled off after a significant expansion in late August, as shown by the number of daily active addresses.
The index rose from below 2 million in August to over 5 million on September 10, but has since declined.
This could slow down the possibility of a strong rally above $150 in the short term.
The altcoin has rallied around 14% since the $128 support but has stalled near the 200-day moving average (MA) above $154.
If the 200-day MA can be reclaimed, $160 and $180 could be the next upside targets in the short term.
