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Solana’s Price Action Tightens, Could a 40% Move Be Imminent After Symmetrical Triangle Breakout?
The price action of Solana (SOL) is nearing a critical juncture as it consolidates within a symmetrical triangle pattern. This development has led many to speculate about the possibility of a massive 40% price swing following a breakout above $214 or below $183.
Solana’s recent price trajectory has been marked by steady declines from its peak value of $263, accompanied by repeated rejections at resistance levels of $234 and $214. The current consolidation near $186 has triggered increased vigilance among traders as the potential for a significant move draws nearer.
The emergence of a symmetrical triangle pattern in Solana’s price action has instilled a sense of anticipation among market participants. This tightening structure, marked by converging resistance and support lines, underscores the heightened pressure building within the market. It is essential to note that the 61.8% retracement level at $214 aligns with the triangle’s upper boundary.
This juncture presents an excellent opportunity for traders to assess Fibonacci levels as well as technical patterns. With multiple rejections at $234.57, it is clear that this level serves as a significant resistance zone. Meanwhile, the 50% and 61.8% retracement levels ($201.97 and $214.96, respectively) have been breached on previous occasions.
In summary, Solana’s price action tightens within a symmetrical triangle pattern near $186, amid speculation that a massive move of up to 40% could soon materialize after a breakout above $214 or below $183.
Source: cryptonewsland.com
