Jonathan Morgan
Independent Analyst
- Solana price shows signs that a bottom may be in.
- A bear trap pattern is developing on the $2.50/3-box reversal Point and Figure Chart.
- Multiple buy opportunities in development.
Solana price has completed a technical corrective move by retracing a little more than 28% of its value from the all-time high. As a result, consolidation may occur for the remainder of the week until equilibrium is reestablished between price and time.
Solana price positioned for multiple bullish breakout options
Solana price has several signals showing that bullish price action may return for Solana. The Point and Figure image below shows a powerful short setup with a breakout below a triple-bottom. Additionally, that short entry confirmed the existence of a bull trap.
Combining those two factors creates one of the most potent Point and Figure combinations for a short entry. However, the expected sell-off has not occurred. Instead, sellers appear unable or unwilling to move Solana price lower.
This apprehension by sellers gives buyers an opportunity. There are two long setups in development. The first (label A) is a hypothetical buy stop order at $207.50, a stop loss @ $197.50 and a profit target at $250. This entry confirms two bullish patterns in Point and Figure analysis: a Bear Trap and Bull Pole Pattern.
SOL/USDT $2.5/3-box Reversal Point and Figure Chart
The second theoretical long (label B) entry idea is a buy stop order at $195, a stop loss at $175 and a profit target at $250. The entry is based on a Spike Pattern, which requires at least fifteen Os in the current column. The buy stop order is placed only after Solana price has moved to at least $175.
SOL/USDT $5.00/3-box Reversal Point and Figure Chart
The long ideas presented will be invalidated if Solana price prints an O below the $170 level.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Shiba Inu eyes positive returns in April as SHIB price inches towards $0.000015
Shiba Inu's on-chain metrics reveal robust adoption, as addresses with balances surge to 1.4 million. Shiba Inu's returns stand at a solid 14.4% so far in April, poised to snap a three-month bearish trend from earlier this year.
AI tokens TAO, FET, AI16Z surge despite NVIDIA excluding crypto-related projects from its Inception program
AI tokens, including Bittensor and Artificial Superintelligence Alliance, climbed this week, with ai16z still extending gains at the time of writing on Friday. The uptick in prices of AI tokens reflects a broader bullish sentiment across the cryptocurrency market.
Bitcoin Weekly Forecast: BTC consolidates after posting over 10% weekly surge
Bitcoin price is consolidating around $94,000 at the time of writing on Friday, holding onto the recent 10% increase seen earlier this week. This week’s rally was supported by strong institutional demand, as US spot ETFs recorded a total inflow of $2.68 billion until Thursday.
XRP price could renew 25% breakout bid on surging institutional and retail adoption
Ripple price consolidates, trading at $2.18 at the time of writing on Friday, following mid-week gains to $2.30. The rejection from this weekly high led to the price of XRP dropping to the previous day’s low at $2.11, followed by a minor reversal.
Bitcoin Weekly Forecast: BTC consolidates after posting over 10% weekly surge
Bitcoin (BTC) price is consolidating around $94,000 at the time of writing on Friday, holding onto the recent 10% increase seen earlier this week.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.