Solana (SOL) has been one of the bright spots in this market cycle. Following the FTX crash, SOL’s price skyrocketed from a low of $8 to $210 in March 2024, a gain of over 2000%.
However, the coin struggled in Q2 and Q3 and is currently consolidating above the $120 level.
According to technical analyst Peter Brandt, SOL's price consolidation over the past six months creates an opportunity for a new rally.
He said: “SOL holds support at $120, which could create a rectangle pattern leading to a strong rally.” This could push the price to $280.
Will BreakPoint Boost SOL Price?
The Solana BreakPoint event attracted the attention of many institutions, with major announcements of partnerships with asset managers and crypto service providers such as Franklin Templeton and Securitize.
Citi, a leading bank, is also exploring tokenization and digital payments through Solana.
Solana is also getting a major infrastructure upgrade with Fireancer – a second validator – capable of increasing transactions to 1 million per second, up from the current 3,000.
However, the network's growth has slowed down after the number of daily active addresses dropped from 5 million on September 10.
This could make it difficult for SOL to break above $150 in the short term. Currently, SOL is up 14% from the $128 support but still struggling to break above the 200-day moving average at $154. If this level is broken, the next upside targets are $160 and $180.
