Across the board, Solana ecosystem wallet, Phantom has expanded its services.
Solana is primed for a 118% rally if a similar market setup that occurred in 2024 successfully plays out.
The setup which lastly appeared during the last quarter of 2024, shows the price of SOL could reach $340 in the near term.
At press time, Solana trades at $168 after a 6.4% drop over the last seven days.
The price of Solana appears ready to double its current price, as indicated by a bullish fractal that previously resulted in a 70% rally in 2024.
Continuous holding throughout the uptrend has confirmed the buildup of support at the $164 level, as buyers target to flip two strong resistance levels into support, $177 and $189, as per an analysis by markets pundit Ali Martinez.
If history will repeat itself, we could be eyeing a new all time high at $340. According to historical data, a similar fractal during last year’s rally pushed SOL price from $155 to $265.
This setup, formed shortly after market analyst Mary Emerald highlighted the range between $166 and $161 levels, would provide a solid support zone for a rally past $250.
As per her technical analysis, a Golden Cross pattern could favor the bulls and help break above $200 and eventually test $255.93.
Meanwhile, the MACD histogram is positive, with green bars, suggesting rising bullish momentum. However, resistance levels at $177 and $189 must be cleared to confirm a trend reversal, while $161 acts as a major downside buffer.
If SOL maintains this momentum and flips $189 into support, the bulls can confirm Mary’s target of $255.93 and eventually achieve the 118% rally to $340.
As long as the mentioned levels remain intact, the current market setup for Solana’s price prediction will remain bullish in the medium and long term.
Users on Ethereum and various other chains bridged over $200 million to Solana, with the lion’s share of $113 million coming from Ethereum
Arbitrum and Base bridged $37.73 million and $24.86 million to Solana, which suggests there is growing demand for Solana-based decentralized finance (DeFi).
Additionally, derivative metrics on Coinglass indicate spot net outflow on the Solana network reached $17.21 million on 6 August, corresponding with the market’s overal exchange reserves flows.
If such action continues, the market could eliminate selling pressure and activate momentum for more accumulation.
A recent report on Coinrepublic also revealed a growing interest from big investors and whales,highlighting a transaction where a whale acquired 71,000 SOL worth approximately $12 million.
Across the board, Solana ecosystem wallet, Phantom has expanded its services from wallet to providing on-chain analytics after it acquired Solsniper.
This brings the Solana-based wallet closer to being a go-to hub for consumer finance and will offer features like instant execution, token analytics and wallet tracking.
The move is also strategic for both retail and DeFi users on Solana at a time when the network is expanding its infrastructure to suit both users.
Solana is at the height of user growth and increased usage of Solana-based products from staking protocols, the Seeker mobile, to non-custodial DeFi solutions targeting both retail users and institutional firms.
With a new generation of buyers flooding SOL, and existing companies involving themselves in the network, it’s only a matter of time before the price retests $200 and pumps to a new all-time high. Other important price levels to watch out for include $177 and $189.
Read more on The Coin Republic
