As a seasoned researcher with years of experience in the cryptocurrency market, I have witnessed numerous bull and bear markets, and have closely followed Solana’s (SOL) price movements over the past few weeks. The recent surge in Solana’s price, which has gained 20% over the last seven days, has caught my attention due to a potentially bullish signal identified by technical analysts – a large pennant pattern forming on its charts.
Over the past week, Solana (SOL) has shone in the cryptocurrency market with a noteworthy increase of 20%. This price rise is accompanied by an encouraging sign for technical analysts – the emergence of a significant pennant pattern on its charts, which could indicate potential bullish trends.
The pennant pattern often arises following a significant price decline, during which the asset’s value consolidates within a triangle configuration. CryptoBusy identified this pattern in Solana’s one-day chart on July 18.
“SOL HUGE PENNANT on the 1D chart.”
The occurrence of this pattern frequently signals an impending price surge for Solana, prompting some traders to prepare for a possible rally.
Photo: CryptoBusy
Solana Outperforms Market but Caution Urged
Analysts at InvestAnswers recognize Solana’s robust performance in the crypto market, yet they urge caution due to its impressive gains.
Photo: CoinMarketCap
Over the past week, Solana has been the second-fastest cryptocurrency in the top ten by market cap to experience growth, with a rate of 20%. This expansion lags behind XRP‘s remarkable 17.22% increase.
Currently, Solana is priced at $161.18 on the cryptocurrency market, surpassing the predicted short-term goal identified by crypto trader Honey. Nevertheless, Honey cautions against overusing leverage due to the present volatility in Solana’s price fluctuations.
“Honey warned her audience about this being a critical turning point, advising them to exercise caution when considering long positions, as leverage could pose potential risks.”
Expert’s take: According to Honey’s analysis, Solana’s price might surge to around $192. Yet, it’s important to note the existence of a downside risk. If the current support level weakens, there is a possibility for a decline to $140, which could potentially erase roughly $161 million worth of long positions from traders’ portfolios.
Bullish Pennant Pattern Eyes $160 Level Breakout
Pseudonymous crypto trader Crypto Tony expresses his belief that $160 may not be the ideal entrance point. Instead, he advises waiting for a slight price rise and mentions that reaching $163 again could serve as support. He further emphasizes that surpassing $163 would provide a more secure entry point.
Some traders are feeling optimistic about Solana due to its recent price increase and the formation of a bullish pennant pattern. However, with Solana hovering around a significant support level, the coming days could hold the key to determining the asset’s future price trend.
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2024-07-19 16:08