Solana Price Analysis: Bullish Pennant Pattern Signals a Surge Beyond $30

In response to the current correction phase in the crypto market, the Solana price witnessed a price drop from a $32.16 high to a $22.73 low. This two weeks’ downfall registered a 30% loss offering a pullback opportunity to the traders who missed the initial rally. Moreover, the daily time frame chart shows a bullish reversal morning star candle pattern, indicating the first sign of an uptrend continuation. 

Also Read: What’s Next for Solana Price After a 120% Surge?

Solana Price Daily Chart

• A retracement to the 50% level reflects the overall bullish trend is intact
• A bullish breakout overhead resistance will offer buyers significant support to carry a recovery above $30
• The 24-hour trading volume on the Solana coin is $503.2 Million, indicating a 39% gain.

Source-Tradingview

A closer look at the lower time frame shows the recent correction shaped into a pennant pattern. This chart pattern is often spotted in an established bull run offering a short break period before the continuation of the prevailing trend. 

Within the intraday gain of 6.5%, the Solana price shows a bounce back from the combined support of $22.75 and 50% in the Fibonacci retracement level.

This upswing also provides a breakout from the resistance trendline of the pennant pattern. By press time, the Solana price trades at the $24.8 mark, and should obtain significant support from the breached trendline

With sustained buying the SOL price could rise 28% to challenge the $32.16 mark for a bullish breakout.

Can Solana Price Recovery Reach $50?

The recent upswing in the Solana price is also fuelled by the completion of a symmetrical triangle pattern. These chart patterns often come with predetermined targets, giving a potential level where the current price rally may mature. Therefore, under the influence of the triangle pattern, the Solana price is set for a recovery to $60.

• Super Trend: The green film projected in the daily chart accentuate the bullish trend persists. 
• Direction Moving Index: The DI+(blue) and DI-(orange) expanding again in a bullish crossover state indicates the buying momentum in returning to the market.