Solana Price Prediction as Triangle Breakout Puts $SOL on Path to $240 Target
Highlights
- Defying the broader market uncertainty, the SOL price showcased a notable upswing of 12% in the past week.
- Following a healthy retracement, the Solana coin develops a bullish continuation pattern called pennant to bolster a sustainable rally.
- The 24-hour trading volume on the Solana coin is $3.5 Billion, indicating a 29% gain.
Solana Price Prediction: Amid the Bitcoin consolidation around $70000, the crypto market witnessed heightened volatility shifting the price trajectory of major altcoins sideways. The Solana coin not immune from this uncertainty showcases a lateral movement reasoning within two converging trendlines. The 4-hour chart reveals this movement as pennant pattern formation- a common structure that buyers use to recuperate the exhausted bullish momentum.
Also Read: Issuance.Swiss Unveils Ethereum, Solana, and Cardano ETPs with Staking
Investor Confidence Peaks as Solana’s Open Interest Crosses $3 Billion
For the past two weeks, the Solana price strictly resonated within two converging trendlines of a pennant pattern. This chart structure represents a post-rally consolidation meant to stabilize the overbought asset and prepare for the next leap.
On March 29th, the SOL price gave a bullish breakout from triangle resistance signaling the renewed recovery sentiment among traders. The post-breakout rally pushed the coin price 3% higher to currently trade at $196.
With a market of $3.57 Billion, the Solana coin maintains its position as the fifth-largest cryptocurrency.
If the breakout sustains, the crypto buyers may drive a 21% rally to hit the $238-$240 milestone.
During the recent uptick, the open interest for Solana has rebounded to over $3 billion, as per the data from Coinglass. This resurgence in open interest suggests a growing confidence among investors, hinting at increased market activity and speculation in anticipation of potential price movement.
Technical Indicator
- Exponential Moving Average: For over a month, the 100 EMA slope for 4 hours has offered suitable support to coin buyers during market pullback, indicating a crucial level for buyers to defend.
- Average Directional Index: The ADX slope uptick at 18% with a pennant pattern breakout, signaling the buyers have sufficient momentum to drive a prolonged recovery.
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