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Solana Set For "A Major 53% Price Move," Analyst Reveals Why
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Solana Set For “A Major 53% Price Move,” Analyst Reveals Why

Keshav Verma
Keshav Verma
11 months ago
2 mins read
Solana

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An analyst has explained how Solana could be setting up for a major 53% move based on a Symmetrical Triangle pattern forming in its price chart.

Solana Has Been Travelling Inside A Symmetrical Triangle Recently

In a new post on X, analyst Ali Martinez discussed a pattern that has recently taken shape in Solana’s daily price chart. The technical analysis (TA) pattern in question is a “Symmetrical Triangle,” which, as its name implies, looks like a triangle.

The triangular shape comprises two converging trendlines, with the upper line joining successive lower highs and the lower one connecting higher lows. A key feature of this pattern is that these lines approach each other at roughly the same slope (hence the “symmetrical” in the title).

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Like other TA patterns, when the asset price consolidates in the region bounded by these trendlines, resistance will probably be at the upper level and support at the lower one.

A break out of either of these lines can suggest a continuation of the trend in that direction. Naturally, a break above the triangle could be a bullish signal, while a decline under the pattern could lead to a bearish outcome.

Similar to the Symmetrical Triangle, there are other triangle patterns in TA. A couple of popular ones include the Ascending and Descending Triangles. These patterns differ from the Symmetrical Triangle in that one of their trendlines is parallel to the time axis.

Now, here is the chart shared by the analyst that shows the Symmetrical Triangle that the 1-day price of Solana has been trading inside over the last few months:

Solana Symmetrical Triangle
Looks like the price of the coin has been approaching the lower line in recent days | Source: @ali_charts on X

As the above graph shows, Solana has been closing in at the tip of this Symmetrical Triangle pattern recently. As consolidation becomes tighter, a break out of the pattern naturally becomes more probable.

As mentioned earlier, which of the two lines the breakout happens from sets the direction the potential price move would go. “Keep an eye on the $143 support and $178 resistance levels to gauge the direction of the SOL trend,” notes Ali.

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From the chart, it’s apparent that Solana is currently floating near the bottom line, so a retest could be coming up soon. If bullish momentum has to return for the coin, this retest must be successful.

Moves resulting from a breakout of a Symmetrical Triangle may be the same length as the triangle’s height. In the case of this Solana Symmetrical Triangle, the height represents a price swing of 53%, so Ali believes that a breakout would also set the coin up for a move of a similar scale.

SOL Price

Solana hasn’t had the best times during the last few weeks, as its price is now down to $149. It remains to be seen whether a potential upcoming retest of the Symmetrical Triangle support would change the coin’s fate.

Solana Price Chart
The price of the coin appears to have been going down over the last few days | Source: SOLUSD on TradingView
Featured image from Shutterstock.com, 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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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
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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