Solana Price is prepping for a 40% rally but should be considered a no-trade zone until the breakout begins


  • Solana Price Is currently forming a triangle consolidation.

  • The relative strength index is creating bullish divergence.

  • Traders should wait for a breakout to begin.

Solana Price is still coiling inside a triangle consolidation. The 2-day chart is adding more confluence that a breakout will soon commence.

Solana price says buy the breakout.

Solana price should have traders on high alert, as the centralized smart contract token is ready to make its next move. The 2-day chart shows four corrective wave patterns (ABCD) that fit the criteria of a prospective coiling triangle. It is worth noting that ‘E’ waves are commonly known to go sideways and form triangles in their own right, so traders should stay away from jumping in too soon.

Solana price is also getting added confluence by The Relative Strength Index, displaying a bullish divergence from the lows printed throughout the last few weeks. However, it should be noted that triangles are commonly known to trap early traders in the wrong direction. Thus, traders should consider Solana as fluctuating within a no trade-zone until confirmation of the next trend arrives.

At the current time, a break below the ‘D’ wave at $75.35 could invalidate the no-trade zone idea and will likely be the catalyst to plummet Solana 40% lower into the $45.00 zone. On the contrary, if bulls can carry Solana's price to the higher end of the range, a touch at the current wave ‘C’ of $106.43 could propel Solana's price upwards of 40% into $150.00.

 


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.

Recommended content


Recommended Content

Editors’ Picks

Ethereum ETF issuers file updated drafts, ETH staking still a possibility

Ethereum ETF issuers file updated drafts, ETH staking still a possibility

Ethereum (ETH) is down 1% on Wednesday as issuers began filing their final spot ETH ETF S-1 drafts with the Securities & Exchange Commission (SEC) in anticipation of a launch on July 23. Meanwhile, SEC commissioner Hester Peirce also said the regulator may reconsider its position on ETH staking within the ETFs.

More Ethereum News

Could Vitalik Buterin's argument affect support for pro-crypto political candidates?

Could Vitalik Buterin's argument affect support for pro-crypto political candidates?

Vitalik Buterin released a post arguing that politicians who claim to be crypto-friendly now may not support it in the future. Buterin highlighted many key factors that crypto represents beyond trading tokens. Intentions of pro-crypto politicians are becoming the subject of debate following Buterin's post.

More Cryptocurrencies News

Dogecoin provides opportunity for investors to ride potential 40% rally

Dogecoin provides opportunity for investors to ride potential 40% rally

DOGE has maintained price patterns similar to BTC, ETH, and SOL. The popularity of other newer meme coins may be drawing attention away from DOGE. DOGE on-chain metrics and technical indicators suggest a rally may be on the horizon.

More Dogecoin News

AI tokens rally following Grayscale's Decentralized AI Fund launch

AI tokens rally following Grayscale's Decentralized AI Fund launch

Grayscale launched its Decentralized AI Fund on Wednesday, allowing investors to gain exposure to the price of AI-focused cryptocurrencies. Following the announcement, the general market cap of AI tokens rose by nearly 4%.

More Cryptocurrencies News

Bitcoin: Investors wonder if BTC troubles are behind

Bitcoin: Investors wonder if BTC troubles are behind

Bitcoin (BTC) stabilized around the $57,000 mark this week, while the German Government persists in transferring Bitcoin to exchanges. Concurrently, US spot Bitcoin ETFs have recorded inflows.

Read full analysis

BTC

ETH

XRP