In an intriguing twist on the dynamic landscape of cryptocurrency, a conspicuous pattern has unfolded in the daily price chart of Solana, promising a significant upward surge. Ali Martinez, a seasoned market analyst, points out a recently emerging technical analysis (TA) pattern called a “Symmetrical Triangle” that lends credence to the forecast of a major 53% move.
The Symmetrical Triangle that Martinez highlights is a phenomenon characterized by its triangle-like structure. Two trendlines with converging points lay the groundwork for this pattern – the upper boundary represents descending highs and the lower signifies ascending lows. As these lines approach one another, they exhibit approximately the same gradient, thus granting the pattern its symmetrical namesake.
Expert observers who rely on TA patterns often pay heed to the price consolidation within the borders of these trendlines. Here, it is conventional wisdom to anticipate a resistance at the upper line and support at its lower counterpart. A break in either of these lines is considered significant, implying a continuation of the trend in the respective direction. A bullish course is indicated by a breakthrough above the triangle, whereas a drop below implies a bearish outcome.
Alongside the Symmetrical Triangle, other variations such as ascending and descending triangles have proven valuable to analysts. However, these differ from the Symmetrical variant in that one of their respective lines runs parallel to the time axis.
Close scrutiny of the chart reveals that Solana has been performing within the Symmetrical Triangle pattern over recent months. Of late, the coin’s price trajectory appears to be edging towards the triangle’s lower line. This progressive confinement within the triangle indicates higher chances for an imminent break out.
Breaking through one of these boundaries determines the probable shift in price. As Martinez remarks, keep your eyes peeled for the $143 support and $178 resistance levels. These benchmarks might serve as helpful signposts for the future course of SOL.
Closely observing the charts, it’s clear that Solana currently hovers near the bottom line, suggesting an impending retest. With the prospect of bullish momentum revival for the coin, such a retest needs to be successful.
Breakouts in a Symmetrical Triangle often entail a price swing equivalent to the triangle’s height. Considering the dimensions of Solana’s Symmetrical Triangle, Martinez is backing a price swing of about 53%. A commensurate leap in the coin’s price could be in the cards if a breakout comes into play.
In recent weeks, Solana has seen stormy weather, with its price falling to $149. But all eyes are now on the Symmetrical Triangle support, a potential game-changer for the beleaguered coin. Time will tell whether the upcoming retest can alter the coin’s fortunes for the better.
This news is republished from another source.
