Market expert and trader Peter Brandt has shared insightful views on Solana’s (SOL) latest price trend, implying that a significant chart formation may be nearing completion.
Specifically, Brandt observes a triangular pattern resembling a downtrend taking shape on Solana’s 4-hour price graph.
Identified Chart Pattern On SOL And Its Implications
In the realm of technical analysis, when a descending triangle pattern emerges, marked by decreasing highs and a flat resistance line, it’s frequently seen as a warning sign for a possible price drop. Brandt’s latest update underscores this development, making it an essential note for traders focusing on SOL.
According to Brandt’s assessment, identifying a pattern is not enough; instead, he emphasizes the importance of verifying its accuracy before moving on to the next step.
In the words of Brandt, it’s not just about a pattern finishing its intended task, but rather the significance lies in its ability to effectively carry out that role.
As the triangle pattern on SOL‘s chart indicates a possible price decline, investors are on edge, eagerly waiting to see if the trend will continue or if there will be an unexpected shift in the market.
A triangle with downward-sloping lines has formed in the $SOL market.
— Peter Brandt (@PeterLBrandt) April 10, 2024
Solana Network Challenges Amidst Price Fluctuations
Over the last week, Solana’s price has seen ups and downs. However, the situation for this asset has become more intricate due to recent network issues. In spite of a 12.7% drop in SOL‘s worth during the past week, there has been a minor recovery of 4% in the last day.
Despite the persistent issue of network congestion, Solana’s developers are working diligently to find solutions. They have initiated steps to alleviate the network congestion that occurred on April 15.
Mert Mumtaz, Helius Labs CEO and significant player in Solana’s upkeep, explained that the present network issues are due to a particular protocol implementation, not an underlying issue with Solana’s design.
solana’s current issue is not a design flaw, it’s an implementation bug
I’m now realizing that some people may have been finding our message difficult to comprehend over the past week.
I’ll simplify it (intended for non-technical people)
it is important to make this…
— mert | helius.dev (@0xMert_) April 8, 2024
Currently, the number of open contracts in Solana’s futures market has been changing frequently.
From January to April, Solana experienced consistent expansion, peaking at a record-breaking $2.86 billion on April 1. However, network problems have since emerged, causing a downturn. According to Coinglass data, the open interest for Solana has dropped to $2.4 billion as of April 11, representing a 5% decrease within only a week.
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2024-04-12 04:16