Lorenzo Stroe
Independent Analyst
- Solana price had a breakout from a symmetrical triangle pattern on the 12-hour chart.
- The digital asset has a target above $20 for the long-term with practically no resistance ahead.
- However, SOL could still see some short-term downside action before a full blown breakout.
Solana was trading inside a tightening range for the past three weeks before finally breaking out. The digital asset faces weak resistance ahead of new all-time highs.
Solana price one key level away from new all-time highs
Solana has broken out of a symmetrical triangle pattern on the 12-hour chart. The digital asset has a price target of $20.30 in the long-term, but will need to crack $18.20 first.
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SOL/USD 12-hour chart
The breakout of the pattern has a 33% target calculated using the pattern’s height as a reference point. The only resistance level above is the previous high of $18.20.
Solana price can briefly pause before $18.20 and re-test the previous resistance trendline formed at $15. Losing this key support level will drive SOL down to $14.
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