The Solana (SOL) price has been gradually declining since reaching a high of $126 on December 15, 2023. Currently, SOL is trading inside a symmetrical triangle pattern after breaking out from a descending resistance trend line. The daily chart shows that the SOL price has been supported by an ascending trend line since October 2023.
Solana Attempts to Stop Bleeding
Despite the recent decrease, the price of SOL has bounced at the ascending support trend line and is still trading above it. The trend line has been in existence for 95 days. The daily RSI indicates a bearish lean, as it has fallen to 50. A bearish divergence was observed before the drop, indicating a potential trend reversal.
What do Analysts Say?
Analysts have mixed views on the future trend of SOL. MuroCrypto is bullish and predicts an increase in price, while Altcoin Sherpa believes the price will fall overall but remains bullish for 2024. Bluntz Capital also shares a bullish sentiment.
SOL Price Prediction: What to Make of the Price Movement?
On the six-hour time frame, the price action shows mixed signs. While there was a breakout from a descending resistance trend line, a short-term symmetrical triangle suggests a continuation pattern that may lead to a breakdown. Technical analysis using Elliott Wave theory suggests that the triangle is part of a corrective structure and predicts a low near $78. However, if there is a breakout from the triangle, SOL could increase by 18% to reach the next resistance level at $117.
Hot Take: Solana’s Price Outlook
The Solana (SOL) price has experienced some volatility recently, with mixed opinions from analysts regarding its future direction. While the technical analysis suggests a potential breakdown based on the symmetrical triangle pattern and Elliott Wave theory, a breakout from the triangle could signal a reversal and a potential increase in price. It’s important to conduct your own research and seek professional advice before making any financial decisions.
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