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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Solana Plunges 12%, But This Pattern Could Mean Decline Isn’t Over Yet

Keshav Verma
Keshav Verma
3 months ago
3 mins read
Solana

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Este artículo también está disponible en español.

Solana has seen a price drawdown of around 12% during the past day, but if this pattern is to go by, there could be more decline on the way.

Solana Has Seen A Crash Over The Last 24 Hours

The cryptocurrency sector as a whole has plummeted during the past day, with Solana not being spared as its price has also gone through a notable decline. Below is a chart that shows how SOL’s recent performance has looked.

Solana Price Chart
The price of the coin appears to have crashed during the last 24 hours | Source: SOLUSDT on TradingView

From the graph, it’s visible that Solana has suffered a steep plunge of almost 12% in this period, which is worse than many other top cryptocurrencies. Bitcoin (BTC), for instance, has seen a decline of around 5%.

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Following this crash, Solana is now back at the $227 level. The asset has seemingly paused its fall for now, but it’s possible that it would resume soon.

SOL Has Breached Under Its Symmetrical Triangle

In a post on X earlier in the day, analyst Ali Martinez discussed about a Symmetrical Triangle that Solana had been trading inside. The “Symmetrical Triangle” here is a pattern from technical analysis (TA) that forms when the price of an asset consolidates between two trendlines of a roughly equal and opposite slope.

The upper line of the triangle connects together lower highs in the price, while the lower level joins higher lows. As the asset travels inside the pattern, its range gradually converges on the midpoint line.

Like other TA patterns, the upper level of this pattern is likely to provide resistance to the asset. Similarly, the lower line can help the cryptocurrency to reach a bottom.

A break out of either of the trendlines can imply a continuation of trend in that direction. That is, a break above the triangle is a bullish signal, while a fall under it can lead to a bearish outcome.

The Symmetrical Triangle is just one possible type of triangular-shaped formation that an asset can display. Two other popular ones are the Ascending and Descending Triangles, which occur when one of the trendlines is parallel to the time-axis (the upper one in the case of the former and the lower one for the latter).

Now, here is the chart shared by the analyst that shows the Symmetrical Triangle that the 1-hour price of Solana had been stuck inside over the past week:

Solana Symmetrical Triangle
Looks like the coin was close to hitting the apex of the triangle | Source: @ali_charts on X

From the graph, it’s visible that Solana was approaching the apex of the triangle when Martinez had made the post. As the consolidation becomes narrower, a breakout can become more probable to occur, which appears to be just what has happened with SOL in the hours since.

The height of this triangle was equal to a swing of around 20%. Usually, Symmetrical Triangle breakouts are of the same degree as the height of the pattern, so the analyst had noted that SOL could be primed for a 20% move.

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While a breakout does seem to have occurred for Solana, it hasn’t yet elongated to this scale. It now remains to be seen whether the pattern would hold for the asset or not.

Featured image from Dall-E, charts from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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