Solana Price Stuck in Triangle Formation as MSOL Inflows and KSNET Partnership Bring Hope for Breakout

Solana's price has been stuck in a triangle formation since May, with its current price hovering around $73.59 as of July 31. This is not unusual for Solana, which has had an unusually split August track record. While the median is flat at -0.001%, the average is +61.1%, largely due to outlier years in 2020 and 2021.

However, two recent institutional catalysts may break this trend. Morgan Stanley's spot Solana ETF (MSOL) launched on July 28 and already pulled $19.06M on its second trading day, the largest SOL ETF inflow since mid-May. This is significant because MSOL carries a 0.14% management fee and passes 95% of staking rewards directly to shareholders.

Meanwhile, KSNET, Korea's payment infrastructure provider for 26 years, signed an MOU with the Solana Foundation on July 30 to integrate Solana Pay across two tracks: domestic payments and AI-driven payments (x402). This partnership has the potential to bring Solana's payment infrastructure push to 330,000 Korean merchants processing $4B monthly.

Looking ahead, analysts predict that SOL may break upward if MSOL inflows sustain and the KSNET MOU draws attention to Solana's payment infrastructure. However, a downside case is also possible, where the triangle breaks lower through the session low of $73.42, and SOL slides toward the 0.236 Fibonacci at $69.25.