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Market

SOL is moving towards the end of the consolidation pattern, will there be a big step ahead?

October 20, 2021 - Around 2 mins mins to read
  • Key Support Level: $ 142
  • Key Resistance: $ 170

Solana (SOL) has been consolidating in a symmetrical triangle since September 9 when it hit an all-time high of $ 216. SOL is approaching the top of the pattern and appears ready to leave at any time. The battle between bulls and bears will be decided when price breaks critical resistance ($ 170) or support ($ 140).

sol-hop-nhat

Daily SOL / USDT chart | Source: Tradingview

Technical indicators

Volume: Volume has not changed since price consolidation within this pattern. This is consistent with accumulation and is usually followed by a surge in volume when price breaks out of a zone of consolidation.

RSI: The RSI is showing a slight upward trend as it hits higher lows. However, a higher high must also be printed for the uptrend to be confirmed.

MACD: The MACD histogram is increasing, but it has not yet made a bullish cross. Once that happens the trend could turn positive, especially if price breaks above the triangle pattern.

sol-hop-nhat

Daily SOL / USDT chart | Source: Tradingview

Perspectives

Neutral. It is best to wait a pause above or below the triangle before starting a position. While there are some early signs that the SOL might show up, the trend needs to be confirmed with a clear breakout above the triangle.

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SN_Nour

According to Cryptopotato

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Market

SOL is moving towards the end of the consolidation pattern, will there be a big step ahead?

  • Key Support Level: $ 142
  • Key Resistance: $ 170

Solana (SOL) has been consolidating in a symmetrical triangle since September 9 when it hit an all-time high of $ 216. SOL is approaching the top of the pattern and appears ready to leave at any time. The battle between bulls and bears will be decided when price breaks critical resistance ($ 170) or support ($ 140).

sol-hop-nhat

Daily SOL / USDT chart | Source: Tradingview

Technical indicators

Volume: Volume has not changed since price consolidation within this pattern. This is consistent with accumulation and is usually followed by a surge in volume when price breaks out of a zone of consolidation.

RSI: The RSI is showing a slight upward trend as it hits higher lows. However, a higher high must also be printed for the uptrend to be confirmed.

MACD: The MACD histogram is increasing, but it has not yet made a bullish cross. Once that happens the trend could turn positive, especially if price breaks above the triangle pattern.

sol-hop-nhat

Daily SOL / USDT chart | Source: Tradingview

Perspectives

Neutral. It is best to wait a pause above or below the triangle before starting a position. While there are some early signs that the SOL might show up, the trend needs to be confirmed with a clear breakout above the triangle.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

SN_Nour

According to Cryptopotato

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

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