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.
- Franklin Templeton CEO Dismisses 50bps Rate Cut, Citing ‘Robust Economy’ Ahead of FOMC
- Bitget Unveils ‘Universal Exchange’ Era to Mark 7-Year Anniversary
- Forward Industries Launches $4B Program to Boost Solana Holdings as Analyst Eyes $500 SOL
- Expert Identifies Bullish DOGE Flag as CleanCore Treasury Tops $160M With Fresh Purchase
- Breaking: Bitcoin Proxy Metaplanet Announces New US, Japan Subsidiaries As Stock Slumps
- PEPE Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
- SHIB Price Forecast: Taker Buys Lead as Developers Counter Shibarium Exploit
- Solana Price Set for a 25% Jump as Open Interest Nears a $20 Billion Milestone
- Bitcoin Price Prediction as Fed Decision Nears — Dump Before the Next Rally?
- Ethereum Price Prediction As Standard Chartered Says Treasury Buying Will Boost ETH Over Rivals
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
