- Solana price is currently above a consolidative triangle
- SOL is currently in a no-trade zone
- A break above $106 will lead to significant gains
Solana price may appease side-lined traders to go long as it has broken past key resistance. Still, it is best to consider an alternative scenario as triangles are known to display directional trend fakeouts.
Solana price looks tricky
Solana price has been a more confusing chart, as it has been coiling inside a no-trade zone this month. Both bulls and bears have had their share of dominance on the Layer 1 token. However, this week it appears that the bulls are making a statement now that SOL price has broken out past the consolidative triangle.
Solana price on the 9-hour chart has contradicting signals as both the bears and bulls have been present on the volume profile indicator. It was mentioned in last week’s thesis that a break above Wave C at $106 could be the catalyst to propel SOL price an additional 40% higher based on technical projections. This idea remains as Solana price is currently 15% below the breakout zone.
Traders should consider waiting for $106 to get triggered as consolidation triangles are known to fake out early traders. A break below the trend line is very probable as the Wave E of this potential triangle does not fit the dimensions required amongst Elliot Wave analysts.
SOL/USDT 9-Hour Chart
If bulls can push Solana price to $106, all signs are a go. SOL should have the strength to reach the $140 zone, representing a 40% increase from the current levels. Traders should consider more promising digital assets within the cryptocurrency market until then.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.