Solana's bullish pennant model suggested Sol could reach the 299 level after a breakout.
traders were overwhelmed by the leverage of £251.2 at the bottom and $2,264.1 at the top.
#Solana , the world's fourth largest #cryptocurrency by market capitalization, is poised for notable gains as it forms a bullish price action pattern.
#SOL recently hit its all-time high (ATH) along with major cryptocurrencies. But now its price seems to be consolidating near this level.
This price consolidation near ATH suggests a potential preparation for further growth.
At the time of the announcement, SOL was supported by bullish price movement, current market sentiment and more active participation of traders and investors.
According to AMBCrypto's technical analysis, SOL has formed a bullish pennant on the four-hour timeframe and is currently on the #verge of a breakout.
Based on the recent price movement and historical price momentum, this bullish pattern has appeared near the strong resistance260 level.
If Sol breaks out of the bullish pennant, overcomes the resistance and closes the four260 candle above the 15-hour level, it is likely that the price will rise 199% over the next few days to reach 299.
It is currently trading above its 200 EMA, indicating an uptrend. Traders and investors often rely on this indicator before opening a position.
In addition, the Relative Strength Index (RSI) is at 57.10, indicating that the SOL still has room to grow in the coming days.
In addition to technical analysis, stock market indicators are showing mixed emotions among traders.
According to data from analytics firm Coinglass, SOL's open positions fell by 3.5%, indicating that traders either closed their positions or faced liquidation during the price correction.
However, a breakthrough in the current price behavior pattern could attract investors and traders alike.
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