- Solana’s price nears the end of a declining wedge, suggesting a 24% upsurge to $112.
- The current consolidation might lead to an explosive upswing to $105 before SOL retests $112.
- A daily candle close under $75.33 will cancel Solana’s bullish thesis.
Solana sees its price action tightening as the alternative coin nears the end of its converging pattern. A breakout here might see Solana experiencing a volatile move.
Solana Ready for Volatility Phase
Solana price printed three lower lows and two lower peaks since the 22 January crash. Connecting the range’s swing points using trend lines forms a falling wedge. The technical pattern supports bullish and predicts a 24% upsurge, determined through adding the breakout zone to the distance from the initial swing peak to the low.
The alt will signal a possible breakout presuming SOL price forms a daily candlestick close beyond $91.04. That way, market participants may expect Solana to gain 24%, hitting the intended target of $112.84.
Nevertheless, this move might pause at $105.82, where Solana created equal peaks early to mid-February. A move past this area will see market makers eyeing the buy-stop liquidity beyond it. Overcoming this hurdle will see Solana climbing towards $112.84.
Also read:Solana’s bias depends on overall market sentiments though the bullish pattern. Bitcoin price action turning sour to crash will have altcoin dipping. If Solana prints a daily candlestick beneath $75.33 amid such a downtrend, it will produce a lower low, canceling SOL’s bullish thesis.
That way, the alternative token might suffer continued downswings, potentially retesting the steady support floor at $66.88 that might absorb the selling momentum. Buyers can reattempt another uptrend from this level.
SOL in the Past 24Hrs: More Downtrends for Solana
Solana’s 24-hour analysis displays a massive downtrend without clear reversal signs. The previous day saw the alt hitting the lows of $80.15 and now consolidates around this barrier. The market exhibits a bearish momentum, the MACD displaying a bearish cross. Also, the RSI indicated oversold situations and potential price reversals. Nevertheless, experts believe in a massive upswing after the ongoing bearish wave.
Stay tuned for more crypto updates.
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