Solana Price Poised for 20% Surge as Symmetrical Triangle Pattern Emerges
1min read Solana, the sixth-largest cryptocurrency, has been experiencing a period of stagnation, with its price fluctuating between $120 and $140 over the past two weeks. This lack of significant movement has left many investors and analysts wondering about the future trajectory of the asset. However, a recent analysis by a prominent crypto analyst on the social media platform X has sparked optimism among Solana enthusiasts.
Ask Aime: What is the future trajectory of Solana following the recent analysis?
According to the analyst, known by the pseudonym Satoshi Flipper, Solana's price is on the brink of a significant breakout. This bullish projection is based on the formation of a symmetrical triangle pattern on the 4-hour timeframe of the Solana price chart. This pattern is characterized by a diagonal falling upper trendline and a rising lower trendline, which converge towards an apex. At this point, the asset's price is expected to break either the upper trendline, signaling a breakout, or the lower boundary, indicating a breakdown.
Symmetrical triangles are typically continuation patterns, suggesting that the price will resume its initial trend direction before the formation of the triangle. However, the direction of the breakout is not guaranteed, as the pattern reflects market indecision. Satoshi Flipper anticipates that the prevailing downward trend of the Solana price will reverse, leading to a potential upward surge. The analyst predicts that if the price of sol successfully closes above the upper trendline at $132, it could reach as high as $152, representing an almost 20% increase from the current price point.
As of the latest update, the price of SOL is around the $130 mark, reflecting a more than 2% increase in the past 24 hours. This slight uptick has added to the optimism surrounding the potential breakout. Investors and traders are closely monitoring the price action, hoping to capitalize on the anticipated upward movement. The symmetrical triangle pattern, combined with the recent price increase, has fueled speculation that Solana could be poised for a significant rally in the near future.
