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Crypto Traders Search for Clues in Solana's Triangle Pattern
SOL's months-long triangular price consolidation could bring good news for the bulls.
Updated Jul 16, 2024, 6:10 p.m. Published Jul 16, 2024, 10:35 a.m.
- SOL's daily chart shows a triangular consolidation pattern.
- A breakout would signal a continuation of the broader uptrend, according to Fairlead Strategies.
Crypto traders looking for clues on the next possible move in programmable blockchain Solana's SOL token should closely track the digital asset's months-long triangular price consolidation.
That's the message from analysts at Fairlead Strategies, who see a potential triangle breakout as a catalyst for a renewed price rally.
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SOL, the world's fifth-largest market value, nearly doubled to over $200 in the first quarter as spot bitcoin ETF debut in the U.S. galvanized bids for the broader market. Since then, the uptrend has lost steam, with pullbacks supported at around $120 and progressively shallower price recoveries.
That has resulted in a so-called descending triangle pattern, comprising a downward sloping trendline, representing lower highs and a flat trendline, representing a solid support level. The pattern indicates seller dominance; hence, a breakout represents renewed upside momentum.
"A breakout would mark a bullish continuation of the long-term uptrend, putting secondary resistance near $202. Triangle support is near $132," analysts at Fairlead Strategies said in a note to clients Monday.
"We hold a neutral bias until a breakout unfolds," analysts added.
Solana changed hands at $155 at press time, according to CoinDesk data.
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