Solana Price On The Verge Of A ‘Big Breakout’ — Here’s The Target

Source Newsbtc

The cryptocurrency market seems to be caught in a lull, with most large-cap assets struggling to break out of the choppy market condition at the moment. The Solana price, for instance, appears to be stuck in the $120 – $140 range over the past two weeks.

Interestingly, a popular analyst on the social media platform X has come up with an exciting bullish projection for the sixth-largest cryptocurrency.

Can SOL Price Reclaim $150 In The Short Term?

In a March 22 post on X, a crypto analyst with the pseudonym Satoshi Flipper put forward an interesting short-term analysis of the Solana price. According to the online pundit, the altcoin’s price appears to be on the verge of a breakout with sights on a new higher high.

This bullish prediction revolves around the appearance of a symmetrical triangle pattern on the 4-hour timeframe of the Solana price chart. The symmetrical triangle is a technical analysis pattern characterized by a diagonal falling upper trendline (connecting a series of lower highs) and a rising lower trendline (connecting the higher lows).

The asset price typically moves in a converging pattern toward the apex of the symmetrical triangle. At the apex, the asset’s price will move to break either the upper trendline (a breakout) or the lower boundary (a breakdown). Depending on whether it is a breakout or breakdown, the symmetrical triangle could signal a continuation or reversal of a trend.

Symmetrical triangles tend to be continuation patterns, meaning the price tends to resume its initial trend direction before falling into the triangle formation. However, the direction of the breakout is never certain, as the pattern indicates the indecisiveness of the market at a given moment.

Solana price

According to Satoshi Flipper, the prevailing downward trend of the Solana price is about to witness a reversal and a potential run to the upside. The crypto analyst expects the price of SOL to witness a turnaround if it successfully closes above the upper trendline at $132.

In a symmetrical triangle pattern, the price target is calculated by adding the length of the widest point of the triangle (or base) to the breakout point. Based on this logic, investors could see the price of Solana hit as high as $152 (representing an almost 20% surge from the current price point).

Solana Price At A Glance

As of this writing, the price of SOL is hovering around the $130 mark, reflecting an over 2% jump in the past 24 hours.

Solana price
Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Bitcoin Must Clear This Critical Cost Basis Level For Continued Upside, Analyst SaysIn a recent CryptoQuant Quicktake post, contributor Crazzyblockk highlighted key Bitcoin (BTC) cost basis zones that the leading cryptocurrency must clear – or avoid breaking below – to
Author  NewsBTC
4 Month 23 Day Wed
In a recent CryptoQuant Quicktake post, contributor Crazzyblockk highlighted key Bitcoin (BTC) cost basis zones that the leading cryptocurrency must clear – or avoid breaking below – to
placeholder
Ethereum Price Action Turns Bearish — Risk of Near-Term CorrectionEthereum price started a fresh increase above the $2,450 zone. ETH is now correcting gains from $2,520 and might slip to test the $2,320 zone. Ethereum started a fresh upward move above the $2,350
Author  NewsBTC
6 Month 27 Day Fri
Ethereum price started a fresh increase above the $2,450 zone. ETH is now correcting gains from $2,520 and might slip to test the $2,320 zone. Ethereum started a fresh upward move above the $2,350
placeholder
Bitcoin Price Surges Toward $110K — Will It Finally Stick the Landing?Bitcoin price started a fresh increase from the $105,200 zone. BTC is now consolidating and might struggle to continue higher above the $110,000 resistance. Bitcoin started a fresh increase above the
Author  NewsBTC
7 Month 03 Day Thu
Bitcoin price started a fresh increase from the $105,200 zone. BTC is now consolidating and might struggle to continue higher above the $110,000 resistance. Bitcoin started a fresh increase above the
placeholder
Solana (SOL) Cools After Recovery — Resistance Proving Difficult to CrackSolana started a recovery wave above the $150 zone. SOL price is now correcting gains and might struggle to rise above the $155 resistance. SOL price started a fresh decline after it failed to clear
Author  NewsBTC
7 Month 04 Day Fri
Solana started a recovery wave above the $150 zone. SOL price is now correcting gains and might struggle to rise above the $155 resistance. SOL price started a fresh decline after it failed to clear
placeholder
XRP Could Hit $50 If Ripple Gets Bank License, Claims Crypto PunditVincent Van Code, a software engineer and long-time XRP advocate, ignited fresh debate across the crypto community by outlining what he believes to be the transformative implications of Ripple’s
Author  NewsBTC
7 Month 04 Day Fri
Vincent Van Code, a software engineer and long-time XRP advocate, ignited fresh debate across the crypto community by outlining what he believes to be the transformative implications of Ripple’s
goTop
quote