Solana Set For “A Major 53% Price Move,” Analyst Reveals Why

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As an experienced analyst, I’ve seen my fair share of price patterns in the cryptocurrency market. The Symmetrical Triangle pattern that Solana has been forming in its daily price chart is a familiar one to me.

A financial analyst has provided an insightful interpretation: The Symmetrical Triangle pattern emerging in Solana’s price chart may signal a potential price surge of approximately 53%.

Solana Has Been Travelling Inside A Symmetrical Triangle Recently

As a crypto investor, I’ve been following the latest insights from analyst Ali Martinez on X. In his most recent post, he highlighted an intriguing development in Solana’s daily price chart: a “Symmetrical Triangle” pattern has emerged. This technical analysis (TA) formation is called a “Symmetrical Triangle” because it appears symmetrically on both sides, resembling a triangle shape.

In simple terms, a triangular chart pattern is formed by two trendlines. One line follows the progression of lower highs, while the other follows the sequence of higher lows. These lines converge, and their slopes are approximately equal, which gives the pattern its symmetric character.

As a researcher studying technical analysis patterns, I’ve observed that when an asset’s price reaches a plateau between two trendlines, I can expect encountering resistance around the upper boundary and finding support near the lower limit.

A breach of either line could indicate a continuation of the prevailing trend. If the price surpasses the triangle’s upper line, it may be a bullish sign. Conversely, if the price falls below the triangle’s lower line, it could be bearish.

As a technical analysis expert, I’d like to share my insights on triangle patterns in Technical Analysis (TA), which are similar yet distinct from the Symmetrical Triangle. Two commonly encountered triangle formations are the Ascending and Descending Triangles.

As a crypto investor, I’ve been closely monitoring the price action of Solana over the past few months. Recently, an analyst shared a chart with me highlighting a Symmetrical Triangle pattern that Solana’s 1-day price has been trading inside. This triangle is a common continuation pattern in technical analysis, indicating potential for a breakout or a consolidation period before the trend continues. Let’s keep an eye on this development and adjust our investment strategy accordingly.

I’ve noticed that Solana’s price action has been hovering near the apex of a Symmetrical Triangle formation on the chart lately. With each passing day, the consolidation grows tighter. As a result, I believe we’re nearing a point where a significant breakout from this pattern is increasingly likely.

Previously discussed, identifying which line is breached determines the probable direction for Solana’s (SOL) price movement. Pay close attention to the support at $143 and resistance at $178 to ascertain the trend’s direction, as suggested by Ali.

Based on the graph, it seems that Solana is hovering close to the support line at present. A potential revisit of this level might occur imminently. For Solana to regain bullish momentum, it’s crucial that this retest results in a strong bounce back.

If a Symmetrical Triangle on Solana were to break out, the resulting price movement could match the triangle’s height. The triangle’s height signifies a price fluctuation of approximately 53%. Consequently, Ali anticipates that following a breakout, the coin may experience a comparable price swing.

SOL Price

Over the past few weeks, Solana’s fortunes have taken a turn for the worse, with its value currently sitting at $149. Whether or not an anticipated reexamination of the Symmetrical Triangle’s support level will alter the cryptocurrency’s trajectory remains to be determined.

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2024-06-13 20:10