Solana Price Analysis: Will Triangle Pattern Dump SOL Price To $22 Mark?
The Solana(SOL) price has been resonating within a descending triangle for nearly two weeks, teasing a resumption of the prevailing downtrend. However, some indicators reflect growth in bullish momentum, suggesting a considerable possibility for a bullish breakout.
Key points
- The potential breakdown from the triangle pattern may tumble the SOL price by 40%
- The 20 DMA assists sellers in maintaining the descending triangle pattern
- The 24-hour trading volume in the Solana coin is $1.63 Billion, indicating a 17.8% loss
Source-Tradingview
After the downfall we saw starting in the early days of April, the bearish spiral trapped the SOL prices under huge selling pressure. As a result, the bears depreciated the market value by 70% within the last two months to take support at $38.
Thus, the buyers capitalized on the halt in the downtrend to retest the overhead resistance at $60, but the bullish failure to surpass it led to a descending triangle pattern.
Currently, the Solana market price trends lower under the influence of a resistance trendline and struggle to take support at the $38 base.
Therefore, the $38 support level fallout will increase the bearish spiral with high momentum to reach the next support level at $24.
Alternatively, the bullish breakout of the resistance trendline will lead the rally to $50.
Anyhow, the traders must wait for a breakout candle on either side to find a closing beyond certain levels.
Technical indicator
The Fast-moving 20-DMA had caught up to SOL price and mounted an additional barrier for coin buyers. Thus, a simultaneous break out from descendant and 20 DMA could provide additional confirmation for long buyer’s
However, contrary to the downtrend, the MACD indicator shows a steady rise in bullishness, indicating an increased triangle breakout.
- Resistance level- $38 and $22
- Support levels- $60 and $77
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