Solana Price Prediction: Will ETF Hopes and Network Growth Push SOL Higher?

Solana traded around $104 on Saturday, Aug. 29, after gaining nearly 11% over the past seven days, putting SOL back above the psychologically important $100 level. Two long-term charts now point to a potentially important structural shift, although the more aggressive $1,000 target remains a speculative scenario that would require substantial confirmation. 

Solana Repeats a Long-Term “Bear Trap” Structure

A two-week Solana chart shared by Maelius highlights similarities between the current market structure and SOL’s 2022-2023 bottoming process. In both cases, price briefly moved below a major horizontal level before recovering, while the relative strength index approached or crossed a long-term descending trend line.

Solana SOL Long-Term Bear Trap Pattern. Source: Maelius (@MaeliusCrypto) on X

The earlier setup is important because SOL fell beneath support near the $20 region during the 2022 downturn before reclaiming it in 2023. That recovery preceded a much larger advance, eventually carrying Solana back above $200.

The current structure resembles that sequence on a larger price scale. SOL recently traded below the horizontal area around $80 before recovering sharply, and the chart labels the downside move as another potential “trap.” Price has since pushed back above $100, strengthening the case that the breakdown may have failed.