Solana (SOL) is exhibiting macro bullish trends, potentially setting it up for a breakout from its current ascending triangle pattern. Institutional investors are pivotal in driving this momentum, as they continue to back SOL amidst market uncertainties.
Key institutional investors have shown unwavering optimism toward Solana, while Bitcoin and Ethereum have seen outflows. Notably, Solana recorded $5.3 million in inflows for the week ending October 4, according to CoinShares. This strong institutional interest suggests confidence in Solana's long-term potential.
Solana's momentum is further supported by bullish technical indicators, like the Relative Strength Index (RSI), which, although below neutral, has potential to turn bullish by crossing the 50.0 level, indicating a rising trend.
Currently, Solana trades at $140, positioned within an ascending triangle pattern, indicating a possible breakout. If successfully emerging from this formation, Solana's price could surge by 33%, reaching $216, contingent upon breaching certain resistance levels.
The successful transformation of the $184 resistance into a support level would confirm the rally. However, failing to break from the triangle could see prices fall back to $139, jeopardizing the bullish outlook.
