- Solana forms a massive ascending triangle showing long-term structural strength.
- Institutional entities are accumulating heavily near the $180 support zone.
- On-chain data confirms sustained capital inflows across Solana’s DeFi ecosystem.
- Rising TVL and stablecoin growth signal expanding network utility strength.
An analyst has spotlighted a compelling long-term pattern on Solana’s weekly chart. This asserts that the asset “could not be any clearer.” The chart shows SOL consolidating inside a massive ascending triangle, a formation that typically precedes a strong breakout.
The trendline support, anchored from early 2023 lows, has remained intact despite multiple retests, signaling sustained structural strength. Currently trading near $188, SOL sits above a two-year rising trendline that began when prices bottomed below $10 in late 2022.
The upper resistance of this structure rests just below $320, representing the ceiling of a pattern that has contained price action for more than 24 months. The formation’s consistency indicates a compression phase, one where volatility tightens before a directional move.
The analyst emphasized that capitulation at current levels may prove premature, suggesting that market participants are overlooking the broader accumulation dynamics evident in both technical and on-chain data.
Solana Price Posting Higher Lows
Solana’s price structure reflects disciplined higher lows since the 2022 capitulation period. A rebound from $8 in December 2022 to above $200 by March 2024 marked one of the strongest recovery phases in the crypto market. Since then, the asset has traded within a tightening range, repeatedly testing support near $150–$170, while resistance near $250–$320 continues to reject upside attempts.
Each retest of the ascending trendline has been met with notable volume upticks, consistent with long-term accumulation behavior. Historical data shows similar rebounds occurring in May 2023, October 2023, and May 2024, reinforcing the significance of the current range as a long-term base rather than a distribution zone.
The presence of higher-timeframe support at the trendline level adds further conviction to the analyst’s outlook that Solana remains positioned within a major structural uptrend.
Short-Term Accumulation Signals Emerge
On lower timeframes, the 1-hour chart supports the long-term bullish thesis. A triple-bottom formation appears near $178, indicating that buyers have repeatedly defended the same demand zone within a short period. The analyst noted that “SOL isn’t forming bottoms at these levels by accident,” highlighting that “big entities are stacking.”
This triple-bottom formation is often considered a precursor to short-term momentum recovery. The pattern has developed between October 17 and October 23, where price repeatedly rebounded from the $176–$180 zone before reclaiming levels near $185. Such consistent defense points toward institutional positioning, a conclusion further supported by the absence of new lower lows despite broader market volatility.
If the pattern holds, it may represent localized accumulation aligning with the broader weekly consolidation, reinforcing the notion of layered buying interest across multiple timeframes.
Beyond technical indicators, Solana’s on-chain metrics present a strong backdrop for its structural resilience. According to DeFiLlama, the network’s Total Value Locked (TVL) currently stands at $11.12 billion, a 0.7% increase over the past 24 hours. This marks a sustained recovery from 2023 lows below $1 billion, reflecting renewed capital inflows into Solana’s decentralized ecosystem.
The expansion in stablecoin liquidity and decentralized exchange activity underscores Solana’s rising transactional utility. Importantly, these figures now approach the 2021 cycle highs, when Solana’s TVL last hovered near $12 billion before retracing during the market correction.
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