Solana (SOL) is sending technical signals that have caught the attention of both traders and investors alike. With a price that has oscillated around $150 and a progressively marked volatility compression pattern, many are wondering if SOL is about to experience a significant bullish movement.
📈 A Key Consolidation Pattern
In the 15-minute chart, Solana shows a descending triangle formation: the highs are getting lower while the support at the $145 area has proven to be a firm barrier, defended repeatedly by buyers. This pattern suggests that the market is accumulating pressure and could be preparing for a sharp move.
🔍 Technical Indicators: Oversold and Momentum
Although the triangle pattern is often interpreted as bearish, the recent rise of SOL above $150 reflects strength and momentum. Furthermore, the oversold conditions in some technical indicators suggest that selling pressure may have exhausted, increasing the likelihood of a short-term bounce.
🦈 A Harmonic Pattern That Could Change the Game
Giottus Crypto Exchange identified a bullish shark harmonic pattern on the 4-hour chart, with Point D aligned with the Fibonacci extension 1.618 BC around $147. This level coincides with the key support area and could act as a catalyst for a bullish turnaround. If this pattern is confirmed, analysts project upward targets between $180 and $190.
📊 Whales_Crypto_Trading and the Expanding Wedge
On the other hand, Whales_Crypto_Trading warns that Solana is approaching the upper limit of an expanding wedge on the 4-hour chart. This pattern, characterized by divergent trend lines, usually signals a potential volatility explosion after the breakout. The price action is consolidating just below the wedge resistance, with increasing volume that could trigger bullish momentum towards $215, $228, $243, and $265.
🔑 Breakout or False Alarm?
The market is watching: a sustained breakout above the resistance at $155 and confirmation of the technical patterns could decisively change sentiment, attracting buyers and generating a rally that could surpass recent highs.
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