SOL

SOL price rose 16% over the past month as it traded within a symmetrical triangle pattern, a breakout from which could likely push it to as high as $237 over the coming days.

Summary

• SOL price has rebounded 33% since hitting its August low.
• The token looks poised to confirm a bullish breakout from a symmetrical triangle pattern.
• NFT sales on the Solana network have picked up pace over the last 24 hours.

According to data from crypto.news, Solana (SOL) rallied to an intraday high of $208.5 on Sep. 8 morning, Asian time, before settling at $207.7 as of press time. At this price, it is up 33% above its August low and nearly 100% higher than its lowest point this year.

The token’s gains over the past month came amid growing demand from derivative traders. For instance, SOL futures open interest has risen to $12.9 billion as of press time, up from $9.5 billion on the same day last month.

Its weighted funding rate has also remained consistently positive since Aug. 7, a sign that derivative investors have remained bullish on SOL’s short-term price outlook.

Amid such bullish sentiment, SOL price now looks poised to confirm a bullish setup on a rare pattern that has been forming on the 4-hour chart.

Notably, SOL price had been trading within a symmetrical triangle pattern since late August. The pattern is formed when the price makes lower highs and higher lows, converging into a narrowing range that indicates a period of consolidation.

SOL price looks poised for a breakout from a symmetrical triangle pattern on the 4-hour chart — Sep. 8 | Source: crypto.news

At press time, SOL is trading within spitting distance of confirming a break above the upper trendline of the pattern.

A look at the momentum indicators strengthens the possibility of such an occurrence. The MACD line has moved above the signal line, a factor that points to a strengthening uptrend in the short term. Further, the Relative Strength Index has been trending upwards and currently lies at 56, signaling a shift from a neutral to bullish trend with still room to run before hitting overbought levels.

Hence, if SOL price manages a clean breakout over $208.8, which marks the upper boundary of the symmetrical pattern, it would confirm a bullish breakout, with a rally to as high as $237 in the cards, a projected target based on the height of the pattern.

However, the setup will be invalidated if SOL price falls below the lower trendline of the pattern, which could then turn into a bearish breakdown, potentially leading to further losses.

One of the top catalysts that could support SOL’s price gains over the coming days is the imminent Nasdaq listing of SOL Strategies, a firm that was previously trading on the over-the-counter (OTC) market. This transition to a major U.S. exchange would mark a big milestone for the company and is expected to enhance the company’s visibility and ability to raise funds.

SOL Strategies has emerged as one of the largest institutional holders of Solana, with a current stash exceeding $87 million worth of SOL tokens. In addition to its existing position, the firm has unveiled plans to raise up to $500 million to further expand its SOL reserves.

A successful listing on Nasdaq would likely facilitate that capital raise, indirectly benefiting Solana by tightening available supply and signaling deeper institutional confidence in the network.

Beyond the listing, regulatory developments could serve as another bullish tailwind. 

Several SOL-based ETF proposals are currently under review by the U.S. Securities and Exchange Commission. If approved, these ETFs could pave the way for broader institutional access to Solana, potentially unleashing significant inflows into the asset class.

Adding to the bullish narrative, Solana’s NFT ecosystem is showing signs of resurgence. Over the past 24 hours, sales volume for Solana-based NFTs has surged by 47%, accompanied by a similar rise in the number of active buyers.

This rebound comes after a period of declining interest, and could reignite retail and speculative demand, further strengthening Solana’s market momentum.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

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