Solana (SOL) is showing some intriguing chart patterns that suggest it could be poised for a significant breakout similar to Ethereum’s (ETH) price surge in 2024. Following Ethereum’s breakout from $2,500 to $3,700 earlier this year, Solana appears to be on a parallel path, possibly setting the stage for its own price surge.

AMBCrypto’s analysis of Solana’s current price structure has revealed a pattern that strongly mirrors Ethereum’s 2024 rally. Ethereum’s price began to recover after forming a double bottom between January and February. The altcoin surged 80%, reaching new heights by March. Solana may be preparing to follow in its footsteps, with a similar double bottom formation in its chart. Currently trading just above $190, if Solana mirrors Ethereum’s 2024 trajectory, SOL could potentially rise by as much as 80%, reaching a price level of around $340.

Double Bottom Signals Potential Reversal

Solana’s daily chart indicates the formation of a double bottom pattern, a common bullish reversal signal that has often been seen as an indicator for an uptrend. The pattern shows two distinct lows around the $190 level, signaling strong support in this range after a period of decline. This could suggest that the price may be on the verge of an upward move.

The neckline of the double bottom is represented by the resistance around $210. A breakout above this neckline could trigger a rally toward higher price levels, potentially reaching the $230 mark. However, failure to break above the $210 level may result in Solana retesting the $190 support level or even experiencing a decline if this support fails to hold.

If Solana can surpass the $210 resistance level and maintain its momentum, it would confirm the bullish reversal pattern, opening the door to higher price levels, possibly approaching the $340 target. However, should the price fail to break key resistance, SOL could face further struggles, and a drop below the $190 support level could signal a bearish continuation.

Mainstream Adoption Strengthens Solana’s Case

Solana’s growing mainstream adoption is another factor that could propel the cryptocurrency toward new heights. Pantera Capital, a leading venture firm, recently highlighted Solana as being in the early stages of mainstream adoption. This endorsement signals confidence in Solana’s scalability and potential as a real-world application. The integration of Solana into payment systems and partnerships with large corporations further solidifies its place in the financial ecosystem.

In addition, the collaboration between the Crypto Task Force, Jito Labs, and Multicoin Capital to explore staking within Exchange Traded Products (ETPs) could open the doors for institutional investors to enter the Solana market. This initiative could democratize access to staking on Solana, making it easier for investors to access yield-generation opportunities while boosting the liquidity and stability of the Solana ecosystem.

What’s Next for Solana?

If Solana successfully follows in Ethereum’s footsteps, the potential for an 80% price increase could bring SOL to new heights. However, it is important to note that while the technical indicators suggest a bullish outlook, broader market dynamics and external factors could influence price movements. As Solana continues to strengthen its position through mainstream adoption and institutional interest, its price could climb toward the $340 mark, mirroring Ethereum’s past breakout trajectory.

In conclusion, Solana’s price action and adoption trends indicate a promising outlook. The combination of a double bottom pattern, rising mainstream adoption, and increased institutional interest could propel SOL to new price levels, with $340 being the next significant target.