Solana Eyes $340 as Chart Flashes Fractal Pattern

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.

Solana Eyes a 2X Pump to New ATH

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.

Onchain Data Shows $200M was Bridged to the Solana Network

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.

Solana-based Wallet Phantom Acquires Solsniper

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.

Future Outlook

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.