Solana (SOL) has performed well in the market, rising from a low of $8 after the FTX crash to a high of $210 in March 2024, an increase of more than 2,000%. However, the market was unfavorable in the second and third quarters, and SOL consolidated above $120. Technical chart analyst Peter Brandt believes that SOL has support at $120 and may form a rectangle that can rise sharply. If it breaks through the rectangular channel, it may theoretically rise to $280.

Solana BreakPoint event has important announcements, and many institutions have shown interest in it, such as Franklin Templeton, Securitize, and Citibank are also exploring tokenization and digital payments through Solana. Solana's second validator client Firedancer will increase processing power and make the network more decentralized after entering the testnet.

However, judging from the daily active addresses, the network growth has stagnated after the expansion at the end of August. SOL has risen about 14% from the $128 support level but has stalled above the 200-day moving average at $154. If the 200-day moving average is recaptured, $160 and $180 could be short-term bullish targets, otherwise a strong move above $150 could be delayed in the short term.