Crypto Analyst Jamie Coutts Eyes Solana Price Target Amid ‘Coiling Price Action’ for SOL

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Real Vision analyst Jamie Coutts says that Solana (SOL) is likely preparing for its next leg up to higher prices.

In a post on the social media platform X, Coutts says SOL has been “coiling” within a large triangle pattern over the last six months, and that a break through resistance will trigger a volatile move to the upside.

While the price of SOL has been consolidating – both against USD and Bitcoin (BTC) – Coutts says that most on-chain metrics have also been improving.

“The coiling price action over the past six months has seen notable increases in active addresses, TVL (total value locked), and stablecoin market cap. However, chain utilization metrics have generally declined, as the surge in active addresses hasn’t translated into a corresponding rise in economic value (fee revenue)—possibly due to the notorious gaming of unique on-chain dynamics.

Despite this, the chain remains a hotbed for dApp (decentralized application) development and is now competing with Bitcoin in daily fee …