Solana Price Prediction: Increased volatility in the cryptocurrency market has led to a sideways shift in the price trajectories of major altcoins as Bitcoin consolidates near $70,000. The Solana coin is not immune to this uncertainty, exhibiting the inference of sideways movement within two converging trend lines. The 4-hour chart shows this move forming as a pennant pattern, a common structure used by buyers to revive exhausted bullish momentum.
Solana price has been resonating strictly within two converging trend lines of a pennant pattern over the past two weeks. This chart structure represents post-bounce consolidation designed to stabilize overbought assets and prepare for the next leap.
On March 29, SOL price witnessed a bullish breakout from triangle resistance, signaling a resurgence in trader sentiment. The rebound after the breakout pushed the coin’s price up by 3% and it is currently trading at $196.
Solana coin maintains its position as the fifth largest cryptocurrency with a market size of $3.57 billion.
If the breakout persists, crypto buyers could fuel a 21% rally towards the $238-240 milestone.
During the latest rally, Solana’s open interest has rebounded to over $3 billion, according to data from Coinglass. The recovery in open interest points to growing investor confidence, hinting at increased market activity and expectations for potential price movements.
Technical indicators
Exponential Moving Average: For over a month now, the 4-hourly 100 EMA slope has provided coin buyers with appropriate support during market pullbacks, indicating key levels that buyers need to defend.
Average Directional Index: The ADX slope rose 18% with a pennant pattern breakout, suggesting buyers have enough momentum to drive a long-term recovery.
