According to U.Today, Peter Brandt, a well-known trader and market analyst, has recently commented on the price movements of Solana, indicating the possible completion of a chart pattern. Amidst market volatility, Solana's recent price fluctuations have sparked questions about its short-term price direction. The appearance of a descending triangle pattern has caught the attention of technical analysts, including Brandt.
In a recent social media post, Brandt highlighted an interesting development on Solana's four-hour price chart, the completion of a descending triangle pattern. Descending triangles are significant in technical analysis, often indicating a continuation of a downtrend. This pattern is a common technical formation characterized by lower highs and a horizontal support line. In some instances, the support line may appear strong, causing the price to bounce and make a strong upward move.
Brandt's insights go beyond the mere formation of the pattern. He emphasizes that the validation of this pattern is more important than its completion. According to Brandt, a pattern failure, meaning it doesn't perform as expected under classical rules, holds more significance than the pattern's completion.
At the time of the report, Solana was up 1.73% in the last 24 hours to $173, maintaining its rebound from April 10 lows of $162. On the upside, market participants are watching for a break of the $184 level for a move toward $200 and beyond. Conversely, the daily MA 50, which has supported Solana's price since late 2023, remains a strong support. As Solana continues to navigate the cryptocurrency market, traders will be closely monitoring its price movements, especially in light of the completion of the descending triangle pattern.