The Solana price continues to display a consolidated price action, indicating weak buying and selling pressure for the altcoin in the cryptocurrency industry. Further, it has recorded a correction of over 10% within the past seven days, indicating a strong bearish sentiment in the crypto space.
Furthermore, the price had formed a symmetric triangle pattern, is trading in it, and is on the verge of breaking it, highlighting a massive price action underway for the SOL price during the coming time.
SOL Price On The Verge Of Testing Its Symmetric Triangle Pattern!
After hovering close to its support level at $148.75, the bulls started trading under a bullish influence by adding 41.17% within the next five days before facing rejection at the resistance level of $210. Following this, the SOL price fell to test its low of $169.50 by recording a correction of 19.18% in value.
After this, the Solana token displayed a sideways trend for a while, during which it recorded significant price fluctuation in the chart. After multiple attempts to break out, the bulls regained momentum and added 12.50%, following which the price traded between $181 and $192.75 for a while.
As the volatility grew, the bulls recorded a top of $204, after which the altcoin lost momentum and fell to test its low of $169.50. Following this, the SOL token formed a symmetric triangle pattern. Since then, the Solana price has been trading within it.
Positively, the price is on the verge of breaking the pattern, but the outcome of this is unpredictable.
The technical indicator, MACD, displays a constant decline in the green histogram, indicating a weak price action in the crypto industry. Moreover, the averages show a high possibility of a bearish convergence, suggesting a negative price action for the altcoin in the coming time.
Will Solana Price Recover?
If the market successfully breaks out of the symmetric triangle, the price will test its resistance level of $181 this week. Furthermore, if the price starts trading under a bullish influence following the breakout, the SOL token will prepare to test its upper resistance level of $192 during the coming week.
Conversely, if the price breaks down the symmetric triangle pattern, the Solana token will start trading under a bearish influence and test its support level of $169.50. If the bulls fail to hold the price at that level, it will plunge and prepare to test its low of $159.50 this month.
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