After a period of bullish performance, Solana seems to be losing its upward momentum. The altcoin faced significant resistance at the $141 level. Even though SOL’s price has slightly pulled back, the asset remains strong for a significant upside movement, as crypto analysts foresee a rally to new highs.
A Major Rally To New Heights For Solana Brewing?
With the general crypto market slowing to gain traction, Solana might be building up momentum for its next major price rally. Seasoned market analyst and trader, Captain Faibik, has outlined a promising development on the SOL’s chart that could trigger a move to a new all-time high.
After delving into SOL’s price chart, Captain Faibik revealed an emerging key chart formation, particularly an Expanding Triangle formation. This bullish pattern often indicates a potential upswing following a period of downside performance.
Looking at the chart, it appears Solana has reached a bottom, hinting at the end of the current correction wave, and is rapidly bouncing back strongly. As a result, Captain Faibik is confident that SOL can rally to the upper line of the triangle pattern, which is situated at the $300 mark, in the middle term.
If the altcoin can decisively reach the upper line of the pattern and break above, it might cause the anticipated upswing to extend toward other levels above $300. In the meantime, SOL is at a critical junction where its next trajectory could be shaped by whether buyers or sellers take control of the trend and the market.
With Solana witnessing an increase in on-chain activity and network growth, the asset can muster enough momentum to support the anticipated price rally to new all-time highs in the mid-term.
A few days ago, Solana experienced a huge uptick in large investors or whale activity as prices maintained a bullish trajectory. Ali Matinez, a technical expert and investor, revealed the rise in activity among big wallet addresses containing more than 10,000 SOL.
Martinez mentioned that the number of wallet addresses holding 10,000 SOL or more has risen from 4,943 to 5,019. “A subtle but notable uptick in large-holder activity,” he added. This growth represents a 1.53% increase in less than 2 weeks, reflecting strong conviction among large investors toward SOL’s future performance.
SOL Network Outperforms Ethereum
Despite ongoing volatility in the market, Solana is making strides in the staking arena. Recent reports from Binance partner and investor Ted Pillows show that SOL’s network has surpassed in terms of staking market cap.
While Ethereum’s staking ratio has increased by about 28%, SOL’s staking ratio has grown by over 68%. Given the rise in the staking ratio, Solana’s staked value is now worth $58 billion, marking a substantial increase from $7.5 billion.
SOL’s rapid growth in staking participation reflects resilience and continues to cement its position as a leader in the blockchain ecosystem. Meanwhile, SOL has now become the largest blockchain in the crypto sector by staked value.
