The post SOL Price Breakout Beats The Bears, Next Stop $75? appeared first on Coinpedia Fintech News
With a declining trend momentum and intraday trading volumes over the weeks, the SOL price continues a lateral move. Taking support from $51 twice, Solana manages to remain buoyant above the $50 mark and prolongs the bearish battle.
Keeping a growth return of more than 200% in the last sixty days, Solana keeps an extremely bullish sentiment in the daily chart. Therefore, the SOL price prediction keeps a bullish standpoint.
Trapped between $51 and $68 levels, the SOL price continues to have a lower high formation, reflecting excessive overhead pressure. Further, the price action teases a bullish flag pattern with the ongoing consolidation phase.
The consolidation range follows the 200% bull run in the last sixty days, teasing the bullish continuation pattern of the flag pattern. Further, the 4-hour chart displays another buy signal for short-term traders.
In the 4H chart, the SOL price outgrows the triangle pattern, giving a breakout entry opportunity for short-term gains. However, a supply zone is present at the $60 mark, which remains the next obstacle to clear.
Currently, the SOL price trades at $58.74, with an intraday growth of 0.88%, teasing a breakout rally.
Technical Indicators:
RSI Indicator: The daily RSI line shows a gradual lateral shift in the declining trend, teasing a trend reversal from the halfway line. Therefore, the RSI indicator projects a bullish trend reversal possibility.
Will The Triangle Breakout Boost The SOL Price?
In the daily chart, the bulls prepare for an uptrend continuation as it teases a flag pattern, a trend continuation pattern. Moreover, the triangle breakout in the 4H chart projects a high likelihood of a breakout rally crossing the $68 mark.
Therefore, as Solana prepares to gain trend momentum, the SOL price can reach the $75 breakout with a breakout rally. In the longer phase, the altcoin can reach the psychological mark of $100.
Conversely, a bullish failure to sustain momentum can retest $50 to warn a nosedive to $44-$45.
