Solana Price Analysis: The Solana price has remained in a sideways trend for nearly four months now. Amid this consolidation, the traders are strictly following two converging trendlines which project the formation of a bullish flag pattern. This pattern is a well-known bullish continuation pattern that encourages a significant uptrend upon the breakout of its resistance trendline. Key points
A bullish crossover from the support trendline may trigger a temporary recovery in the SOL price
A breakdown below the support trendline of the flag pattern will invalidate the bullish thesis
The 24-hour trading volume in the Solana coin is $480 Million, indicating a 95.4% gain.
Source-Tradingview By the press time, the Solana price trades at the $21.26 mark, and with an intraday loss of 2% it retest the support trendline of a flag pattern. The lower price rejection observed in the daily candle reflects the buyers’ continued to defend this support which reflects a possibility of a bullish reversal. This reversal may trigger a bull cycle within the pattern which encourages a rally to the overhead trendline. Thus, if the buying momentum persists, the Solana price may be nearly 20% of the flag pattern’s resistance trendline. Also read: Top Web 3 Phones And Their Specifications Anyhow, until both the aforementioned trendlines are intact the coin holders may witness a sideways. However, the most common outcome of the flag pattern is a continuation of the prevailing trendline, and therefore interested traders must for a resistance trendline breakout to witness a sustained rally. A potential target from the flag pattern completion could be the $40 mark. Technical indicator Moving Average Convergence Divergence: Multiple crossovers between the MACD(blue) and signal(orange) accentuate the sideways trend in Solana Exponential Moving Average:: The 200-day EMA slope wavering around the pattern’s resistance trendline increases the resistance power near this level. Solana Coin Price Intraday Level
Spot price: $21.34
Trend: Bearish
Volatility: High
Resistance levels: $23.9 and $27
Support levels: $21.2 and $20-19.8
