Solana Price Breakout Hinges on Triangle Resolution and Institutional Momentum

Solana's price is currently stuck in a triangle formation between two trendlines on its daily chart, according to data from Bitget. The coin has been compressing within this range since May, with support coming from both the descending trendline from its peak near $98 and the ascending trendline from June's low at $60.29.

The 20-day EMA sits at $75.33 and the 50-day at $76.01, which are slightly above the current price of around $73.59. The 0.382 Fibonacci level at $74.79 has been a key rejection point for Solana's price attempts to recover through July.

However, with two institutional catalysts now in play - Morgan Stanley's spot Solana ETF, MSOL, which attracted $19M on its second trading day, and the partnership between KSNET and the Solana Foundation to integrate Solana Pay across 330,000 Korean merchants - there is potential for a breakout.

The key target for this breakout would be around $79.27, where the 0.5 Fibonacci level and the 100-day EMA converge. If the triangle breaks lower, support could come from the 0.236 Fibonacci at $69.25 or June's low at $60.29.