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).
Daily SOL / USDT chart | Source: Tradingview
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.
Daily SOL / USDT chart | Source: Tradingview
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
UK pension fund Cartwright advised the country's first defined benefit pension fund to allocate 3%…
a16z and Coinbase have pledged substantial funds to crypto PAC Fairshake, aiming to support crypto-friendly…
Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) dominate the crypto market, but experts warn that…
Discover the future as the Dogecoin price aims for a $0.7 comeback and discover why…
Willemstad, Curaçao, 4th November 2024, Chainwire
London, UK, 4th November 2024, Chainwire
This website uses cookies.