Solana Ready to Explode — Volatility Compression Signals Imminent Takeoff!
As the price action adjusts, Solana (SOL) could break out on the 15-minute chart. Market players are looking for guidance after this volatility compression. The breakout pattern, with highs and lows converging, suggests that pressure is building beneath the surface during consolidation.
SOL has risen above $150, indicating strength and momentum. This bounce implies that the market is absorbing selling pressure. SOL could rise further if this trend continues.
A descending triangle pattern has developed as the price makes lower highs while maintaining a somewhat flat support zone around $145, a significant level that has been defended numerous times.
The chart bounced off this support, indicating a brief change despite the bearish pattern. The resistance at $155 is key in the ascent.
A breakout above this level could suggest a shift in market sentiment for SOL to confirm a prolonged change. Technical indicators show oversold conditions, suggesting that selling pressure may have exhausted, increasing the likelihood of a short-term bounce.
Giottus Crypto Exchange also observed a bullish shark harmonic pattern on the 4-hour Solana price chart. Their analysis shows that Point D of the shark pattern corresponded with the Fibonacci extension 1.618 BC at $147. $ETH
There may be a reversal zone here. Price activity and this harmonic pattern at a significant extension suggest a bullish reversal. If the pattern holds, upward targets of $180–$190 are expected.
Whales_Crypto_Trading also notes that Solana is approaching the upper limit of an expanding wedge formation on the 4-hour chart, indicating a breakout. The diverging trend lines imply instability and uncertainty but may predict dramatic price activity after a breakout.
SOL is consolidating below the wedge resistance, with price action adjusting and volume growing, which could drive bullish momentum towards $215, $228, $243, and $265.
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