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Crypto Traders Search for Clues in Solana’s Triangle Pattern

Jul 15, 2024
    SOL’s daily chart shows a triangular consolidation pattern.A breakout would signal a continuation of the broader uptrend, according to Fairlead Strategies.
As a seasoned researcher with extensive experience in analyzing cryptocurrency markets, I have closely monitored Solana’s SOL token and its recent price action. Based on my observation of the daily chart, it appears that we are currently witnessing a triangular consolidation pattern.For those monitoring the market movements of Solana’s SOL token within the context of programmable blockchains, it would be beneficial to keep a close eye on its prolonged price consolidation pattern over the past few months.

Analysts at Fairlead Strategies predict that a triangle breakdown could trigger a new surge in price.

In Q1, SOL, the globe’s fifth-largest crypto by market value, saw a significant surge past $200 following the debut of a bitcoin spot ETF in the US. However, the market momentum has since weakened, with dips being bought around $120 and subsequent recoveries becoming less pronounced.

A descending triangle pattern has emerged, characterized by a declining peak trendline indicating lower highs, and a horizontal support line marking consistent buying levels. This configuration suggests that sellers are in control, implying that a breach of the support level could signal a resurgence of upward price movement.

In simpler terms, an outbreak signifies the resumption of the long-term upward trend for the market, with potential resistance levels appearing around $202. Meanwhile, support can be found near $132 based on the triangle pattern analysis. (Fairlead Strategies’ note to clients, Monday)

“We hold a neutral bias until a breakout unfolds,” analysts added.

Solana changed hands at $155 at press time, according to CoinDesk data.

Crypto Traders Search for Clues in Solana's Triangle Pattern

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2024-07-16 13:47