Solana's native token SOL has mirrored broader market trends with a substantial correction over recent weeks,elon musk meme coin price currently trading 58% below its March peak. Market observers note this pullback shares remarkable technical similarities with Ethereum's consolidation phase during its 2017 accumulation period before its legendary bull run.
Seasoned analyst Marty recently highlighted these historical parallels through detailed chart analysis. The examination reveals both assets underwent prolonged consolidation after initial parabolic advances, followed by dramatic drawdowns exceeding 90%. Ethereum subsequently delivered a 2,000% return over 660 days post-consolidation.
Technical Blueprint for SOL's Potential Breakout
Current SOL price action shows the asset consolidating between $140-$145, maintaining critical support established over five months. This zone represents a make-or-break level for bulls, with sustained holding potentially signaling accumulation before upward movement. The $134 level emerges as next major support should current floors fail.
Historical patterns suggest SOL has completed approximately 619 days of its accumulation phase. If mirroring ETH's 2017 trajectory, the analysis indicates potential breakout initiation within 50 days. Such development could propel SOL toward initial resistance at $150, followed by more significant barriers at $170 and $200.
Market Structure and Key Levels to Watch
The $170 resistance represents a four-month ceiling that bulls must conquer to validate any sustained upward movement. Successful breach could open path to yearly highs around $210, with analyst projections ultimately targeting $2,800 based on Fibonacci extension levels and historical analog patterns.
Market participants should monitor trading volume closely during tests of these critical levels. Sustained high volume breakouts would confirm strength, while low-volume rejections may indicate further consolidation needed. The coming weeks promise to be technically decisive for SOL's medium-term trajectory.
