fxs_header_sponsor_anchor

Solana Price Prediction: SOL needs to clear one hurdle to retest all-time high

  • Solana price broke out of a symmetrical triangle on October 1 and rallied 23%,
  • However, SOL is struggling with momentum as it hovers above the $170.72 support floor.
  • A decisive close above $18.21 will open a resistance-free path to retest the all-time high at $216.91.

Solana price slid into consolidation from September 21 to September 31, forming a symmetrical triangle pattern. A spike in bullish momentum led to a breakout, pushing SOL by 23%. However, the altcoin can go higher, but it needs to clear a crucial resistance barrier.

Solana price needs to rally against odds

Solana price set up two lower highs and three higher lows since September 21. Connecting these swing points using trend lines shows the formation of a symmetrical triangle pattern. This technical formation forecasts a 24% breakout, determined by measuring the distance between the first swing high and swing low.

On October 1, Solana price sliced through the upper trend line at $143.95, leading to a breakout. Since then, SOL has rallied through the $150.34 and $170.73 resistance barriers. However, it did not hit the intended target at $79.43.

AS Solana price currently consolidates above this support floor, the Momentum Reversal Indicator (MRI) flashed a red ’one’ sell signal on the six-hour chart.

This technical formation forecasts a one-to-four candlestick correction. While Solana price has already created one red six-hour candlestick, it is unsure if the downswing is over.

If SOL manages to produce a decisive close above $188.20, it will open a resistance-free path for Solana price to retest the all-time high at $216.91.

SOL/USDT 6-hour chart

While things are on the fence for Solana price, a breakdown below $170.73 will confirm that the investors are booking profits.

In such a case, SOL price will likely retrace to $150 before giving the uptrend another go. However, a breach below this support floor will invalidate the bullish thesis.

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.