Solana’s Bullish Triangle Analysis for Entry Price Target
Solana (SOL) has been trading in a consolidation phase near its 2021 all-time high within a six-month downtrend range. As the cryptocurrency market loses momentum after a significant rally in 2023, trading experts are evaluating the best entry price target for Solana. Here’s a breakdown of the analysis provided by FieryTrading.
FieryTrading’s Technical Analysis on TradingView
- FieryTrading posted a long-term technical analysis on TradingView, highlighting the best entry price target for Solana.
- The trader is waiting for an entry point within a bullish triangle chart pattern that dates back to 2021.
The bullish triangle formed with a bottom at $1.0 per SOL in December 2020, showcasing three higher lows in December 2022, June and September 2023. These historical points are considered ideal entry points for Solana.
FieryTrading predicts that Solana could reach the bullish triangle’s support level, projecting a price target of around $71 by January 2025. The best entry point may occur sooner or later, depending on the support’s uptrend.
Solana’s Bullish Triangle and Entry Price Target
The bullish triangle for Solana also consists of lower highs, creating a downtrend from its all-time high. The token struggled to break the pattern’s resistance at $191 after repeated attempts in July.
Even though Solana’s current local top stands at $210, it holds a larger market capitalization compared to its $260 all-time high. The significant supply inflation of Solana impacts its unitary price potential while encountering similar demand.
After hitting a new local bottom within the triangle’s support, SOL is expected to bounce back towards its resistance level for a potential breakout. Traders anticipate a bull run and price discovery leading to a new all-time high.
However, there is a possibility of Solana surprising the market by breaking out downwards as it nears the triangle’s breaking point. To achieve new highs, SOL would need substantially higher demand to surpass supply inflation challenges.
Traders and investors should monitor the ecosystem’s progress and demand indicators closely to assess their risk and make informed financial decisions. Cryptocurrencies are known for their volatility, making it challenging to accurately predict price movements.
Hot Take: Keep an Eye on Solana’s Entry Price Target
As Solana continues to navigate within its bullish triangle, traders are advised to stay vigilant and watch for key entry points. Understanding the dynamics of the market and demand signals will be crucial in making strategic investment choices as SOL strives for new milestones in the crypto space.
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