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

Source Newsbtc

An analyst has explained how Solana could be setting up for a major 53% move based on a Symmetrical Triangle pattern forming in its price chart.

Solana Has Been Travelling Inside A Symmetrical Triangle Recently

In a new post on X, analyst Ali Martinez discussed a pattern that has recently taken shape in Solana’s daily price chart. The technical analysis (TA) pattern in question is a “Symmetrical Triangle,” which, as its name implies, looks like a triangle.

The triangular shape comprises two converging trendlines, with the upper line joining successive lower highs and the lower one connecting higher lows. A key feature of this pattern is that these lines approach each other at roughly the same slope (hence the “symmetrical” in the title).

Like other TA patterns, when the asset price consolidates in the region bounded by these trendlines, resistance will probably be at the upper level and support at the lower one.

A break out of either of these lines can suggest a continuation of the trend in that direction. Naturally, a break above the triangle could be a bullish signal, while a decline under the pattern could lead to a bearish outcome.

Similar to the Symmetrical Triangle, there are other triangle patterns in TA. A couple of popular ones include the Ascending and Descending Triangles. These patterns differ from the Symmetrical Triangle in that one of their trendlines is parallel to the time axis.

Now, here is the chart shared by the analyst that shows the Symmetrical Triangle that the 1-day price of Solana has been trading inside over the last few months:

Solana Symmetrical Triangle

As the above graph shows, Solana has been closing in at the tip of this Symmetrical Triangle pattern recently. As consolidation becomes tighter, a break out of the pattern naturally becomes more probable.

As mentioned earlier, which of the two lines the breakout happens from sets the direction the potential price move would go. “Keep an eye on the $143 support and $178 resistance levels to gauge the direction of the SOL trend,” notes Ali.

From the chart, it’s apparent that Solana is currently floating near the bottom line, so a retest could be coming up soon. If bullish momentum has to return for the coin, this retest must be successful.

Moves resulting from a breakout of a Symmetrical Triangle may be the same length as the triangle’s height. In the case of this Solana Symmetrical Triangle, the height represents a price swing of 53%, so Ali believes that a breakout would also set the coin up for a move of a similar scale.

SOL Price

Solana hasn’t had the best times during the last few weeks, as its price is now down to $149. It remains to be seen whether a potential upcoming retest of the Symmetrical Triangle support would change the coin’s fate.

Solana Price Chart
Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Fed FOMC Meeting Is Approaching: Where Is the Focus? Will There Be More Rate Cuts This Year?Global financial markets are set for a "Super Central Bank Week" this week, as five major central banks, including the Federal Reserve, the European Central Bank, and the Bank of Japan, a
Author  TradingKey
9 hours ago
Global financial markets are set for a "Super Central Bank Week" this week, as five major central banks, including the Federal Reserve, the European Central Bank, and the Bank of Japan, a
placeholder
Japanese Yen extends the range play against USD; looks to BoJ for fresh impetusThe USD/JPY pair is seen consolidating in a narrow band around mid-159.00s during the Asian session on Tuesday as traders opt to wait for the crucial Bank of Japan (BoJ) before placing fresh directional bets.
Author  FXStreet
14 hours ago
The USD/JPY pair is seen consolidating in a narrow band around mid-159.00s during the Asian session on Tuesday as traders opt to wait for the crucial Bank of Japan (BoJ) before placing fresh directional bets.
placeholder
Bitcoin Returns to $79,000 Level. Prediction Markets Bullish on Breaking $80,000 in AprilBitcoin prices have strengthened again, breaking through $79,000 amid strong bullish sentiment; however, investors should be wary of this week's Federal Reserve interest rate decision.On
Author  TradingKey
Yesterday 10: 35
Bitcoin prices have strengthened again, breaking through $79,000 amid strong bullish sentiment; however, investors should be wary of this week's Federal Reserve interest rate decision.On
placeholder
WTI sticks to modest gains above $94.00 as Hormuz standoff fuels supply concernsWest Texas Intermediate (WTI) – the benchmark US Crude Oil price – kicks off the new week on a positive note and reverses a part of Friday's modest decline, though the upside remains capped.
Author  FXStreet
Yesterday 01: 12
West Texas Intermediate (WTI) – the benchmark US Crude Oil price – kicks off the new week on a positive note and reverses a part of Friday's modest decline, though the upside remains capped.
placeholder
Semiconductor Sector Continues to Rise, Should Retail Investors Buy Intel or AMD? On April 23, Eastern Time, Intel (INTC) reported its latest quarterly earnings results, showing that revenue grew 7% to $13.6 billion and earnings per share was $0.29, beating expectation
Author  TradingKey
Apr 24, Fri
On April 23, Eastern Time, Intel (INTC) reported its latest quarterly earnings results, showing that revenue grew 7% to $13.6 billion and earnings per share was $0.29, beating expectation
goTop
quote