'Every SOL Holder Needs to See This Chart:' Major Price Move Incoming?

Solana’s native token has declined significantly over the past month and is currently consolidating just above $100.

Some analysts think the asset is now at a pivotal moment and can’t predict the actual direction of the next big move. Others are clearly bullish, anticipating the price will explode soon.

The Bullish Perspective

Popular X user Merlijn The Trader shared a chart that “every SOL holder needs to see.” He believes SOL is printing a textbook head-and-shoulders pattern on the weekly frame, which could open the door to a major increase toward $210. When asked whether he is waiting for further signals, the analyst said he has already accumulated SOL at around $88.

Just a few days ago, X user Sweep spotted the same formation, suggesting the asset is poised for heightened volatility and could eventually rise to about $200.

Joep Gerla also chipped in. He believes SOL is gearing up for a massive run after two years of accumulation, a shakeout to $60, and a recent reclaim of “the old range floor” near $100.

“The next major expansion could send SOL toward $500,” he predicted.

Crypto Tice is bullish as well, albeit making a more modest forecast. He claimed SOL broke above a trendline that had been intact for 52 weeks, and holding support above $95 could pave the way for a move to $126.

A Move South Remains Possible

Unlike the optimists above, FOUR | Crypto Spaces offered a more cautious outlook. The X user said SOL is in “a very interesting spot” at the moment, with its next move largely depending on the $100 level.

“$100 holds → $114 next. $100 breaks → $88 is waiting. Solana bulls need to defend this zone, or things could get ugly really quick imo,” the analyst stated.

For her part, Jia Crypto expects “a big move” at the end of October but isn’t sure whether it will be up or down. “The market is really grinding, so trade cautiously and wait until the direction is clear before placing any trades,” the X user warned.

Meanwhile, the weak institutional demand supports the bearish scenario. Spot SOL ETFs have seen serious outflows, with over $17 million leaving these products last week.

Solana’s exchange netflow flashes a similar signal. Over the past several weeks, inflows have dominated outflows, suggesting investors have shifted from self-custody to centralized platforms, increasing immediate selling pressure.