SOL aims for the $340 mark as the chart shows a fractal pattern.

Solana (SOL) is ready for a 118% surge if the scenario that occurred in 2024 successfully repeats.

This technical setup last appeared in Q4 2024, suggesting that the price of SOL may soon reach the $340 mark in the short term.

As of the time of writing, SOL is trading around $169 after a 6.4% decrease over the past 7 days.

SOL aims for a double surge, approaching a new historical peak

The price of SOL seems ready to double from the current level, according to a bullish fractal model — which previously helped SOL increase by 70% in 2024.

The price maintaining above the support level of $164 throughout the previous uptrend has confirmed the strength of this area. According to analysis from market expert Ali Martinez, buyers are targeting to turn two strong resistance levels at $177 and $189 into new support.

If history repeats itself, we could see SOL establish a new all-time high (ATH) at $340. Historical data shows a similar pattern that previously helped the price rise from $155 to $265 during last year's rally.

The current setup also appears right after analyst Mary Emerald identified the important price range from $161 to $166, serving as a solid support for the rally above $250.

According to her technical analysis, the golden cross pattern could support the bulls and help Solana break through the $200 mark, moving towards testing the $255.93 level.

Source: Mary EmeraldMeanwhile, the MACD histogram is in a positive state, with green bars, indicating that bullish momentum is strengthening.

However, the price also needs to break through the resistance levels at 177 and 189 dollars to confirm a trend reversal, while the level of 161 dollars acts as an important support zone below.

If SOL can maintain this upward momentum and turn the $189 mark into support, the bulls could fully confirm Mary's target of $255.93 and then aim for a 118% increase to $340.

Source: TradingViewAs long as the mentioned price levels are maintained, the current market setup of SOL remains in an upward trend in the medium and long term.

On-chain data: 200 million dollars have been transferred to the Solana network

Users from Ethereum and many other blockchains have transferred over 200 million dollars to the Solana network, the majority of which came from Ethereum with 113 million dollars.

Arbitrum and Base contributed 37.73 million and 24.86 million dollars respectively to be bridged to Solana. This indicates an increasing demand for the DeFi ecosystem on Solana.

Source: XAdditionally, the derivatives indicators on Coinglass show that the net cash flow from the spot market on the Solana network reached $17.21 million on August 6, aligning with the trend of reserve cash flow across the exchange in the overall market.

If this trend continues, the selling pressure may be alleviated, thereby triggering a stronger accumulation momentum.

A recent report also revealed the increasing interest from large investors and whales, notably the purchase of 71,000 SOL, worth about 12 million dollars, by a whale.

Phantom Wallet on the Solana ecosystem acquires Solsniper

Phantom Wallet – a product in the Solana ecosystem has just expanded its services from a storage wallet to providing on-chain analytics after acquiring the Solsniper platform.

This deal helps Phantom get closer to becoming a financial hub for users, with standout features such as instant transaction execution, token analysis, and user wallet tracking.

This move is also strategic for both retail users and DeFi users on Solana, in the context of the network expanding its infrastructure to accommodate both groups.

Future Prospects

Solana is at the peak of user growth, and the level of usage of products based on this network is also increasing – from staking protocols, the Seeker mobile application, to non-custodial DeFi solutions (custody), serving both individual users and financial institutions.

With the influx of new buyers into SOL, along with the increasing participation of companies in the Solana ecosystem, it is only a matter of time before the price retests the $200 mark and breaks through to a new all-time high (ATH).

Important price levels to watch include: 177 and 189 dollars.

Dinh Dinh