Solana Price Prediction As Triangle Breakout Puts $SOL on Path to $240 Target

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.

Related Articles

✓ Share:

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.