Solana

Symmetric

Verge

The post <a href="https://coinpedia.org/price-analysis/solana-tests-its-crucial-levels-is-sol-price-ready-for-a-breakout/">Solana Tests Its Crucial Levels! Is SOL Price Ready For A Breakout?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
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 <a href="https://coinpedia.org/price-prediction/solana-sol-price-prediction/">SOL price</a> during the coming time. 
<h2 class="wp-block-heading" id="h-sol-price-on-the-verge-of-testing-its-symmetric-triangle-pattern">SOL Price On The Verge Of Testing Its Symmetric Triangle Pattern!</h2> 
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. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/SkNsteTFv5y3GOUqiggl8E07ealpyT4idlLLwxVkktMHIN9a0zLR0a7DHFAuLea7a9ccOjfGDMYGoAc-tUVkTfL7qOB-MLue4AUhDUCPZzrSBOV7J-tEatKb5Zl3OzbBwihD0E5G9oLHdYOgBtBSZts" alt="Solana Price Analysis">
 <figcaption class="wp-element-caption">
 TradingView: SOL/USDT
 </figcaption>
</figure> 
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 <a href="https://markets.coinpedia.org/solana/">Solana price</a> 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. 
Also Check Out : <a href="https://coinpedia.org/news/ripples-cto-weighs-in-on-xrp-burning-debate-amid-sec-lawsuit/">Ripple’s CTO Weighs in on XRP Burning Debate Amid SEC Lawsuit</a> 
<h2 class="wp-block-heading" id="h-will-solana-price-recover">Will Solana Price Recover?</h2> 
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. 
Read More : <a href="https://coinpedia.org/news/ripple-vs-sec-dispelling-three-common-xrp-misconceptions/">Ripple vs. SEC: Expert Debunks Top Three XRP Myths</a>

Solana Tests Its Crucial Levels! Is SOL Price Ready For A Breakout?

Table of Contents

CoinPedia News

Alte articole publicate pe 8 apr. 2024

Ripple’s CEO eyes a $5T crypto market by 2024, banking on regulatory clarity and Bitcoin ETFs

Top Analyst on Ethereum ETF: "Silence Is Violence"

Top 4 Mid-Cap Real-World Assets Ready to Surge with BTC at $72K+

91% of Coinbase’s Base Meme Coins at Risk: Vulnerabilities Exposed

Solana Exec Expresses Optimism Over Tensor Listing On OKX

Ripple CEO Expects Crypto Market Cap to Surge 100% to $5 Trillion In 2024

Join our free newsletter for daily crypto updates!