Solana could rally to $164 if it breaks out of this key pattern
The post Solana could rally to $164 if it breaks out of this key pattern appeared on BitcoinEthereumNews.com. Solana could be on the verge of a rally to $164 soon as it looks poised to break out of a popular bullish pattern, according to an analyst. According to a July 9 post on X by analyst Ali, Solana has formed a symmetrical triangle pattern on the 4-hour chart, characterized by two converging trendlines representing lower highs and higher lows. Such a pattern suggests a period of price consolidation that typically culminates in a breakout in either direction. Ali noted that a confirmed breakout above the upper boundary of the pattern, located near the $153 resistance level, could trigger a bullish move with a short-term target of $164. SOL price, MACD and RSI chart — July 9 | Source: crypto.news As of press time, Solana (SOL) was trading exactly at this key threshold, setting the stage for a potential technical breakout. Momentum indicators support the bullish outlook. On the 4-hour/USDT chart, the Moving Average Convergence Divergence line has crossed above the signal line, with both trending upward. Traders view this as a sign that buying interest is picking up, and the price may continue to rise. Additional technical insights were provided by another pseudonymous analyst, SDX, who observed that SOL has been coiling below a descending trendline formed since the beginning of the year. A successful breakout and retest of this level, SDX notes, could act as a catalyst for a stronger uptrend, potentially opening the door to a new all-time high if buying volume confirms the breakout. Fundamentals are also panning out in Solana’s favor. First, SOL was recently included as one of the featured assets in Trump Media and Technology Group’s proposed “blue-chip” cryptocurrency ETF, according to a filing with the U.S. SEC. Second, reports indicate that the U.S. SEC has requested issuers to amend and resubmit…
The post Solana could rally to $164 if it breaks out of this key pattern appeared on BitcoinEthereumNews.com.
Solana could be on the verge of a rally to $164 soon as it looks poised to break out of a popular bullish pattern, according to an analyst. According to a July 9 post on X by analyst Ali, Solana has formed a symmetrical triangle pattern on the 4-hour chart, characterized by two converging trendlines representing lower highs and higher lows. Such a pattern suggests a period of price consolidation that typically culminates in a breakout in either direction. Ali noted that a confirmed breakout above the upper boundary of the pattern, located near the $153 resistance level, could trigger a bullish move with a short-term target of $164. SOL price, MACD and RSI chart — July 9 | Source: crypto.news As of press time, Solana (SOL) was trading exactly at this key threshold, setting the stage for a potential technical breakout. Momentum indicators support the bullish outlook. On the 4-hour/USDT chart, the Moving Average Convergence Divergence line has crossed above the signal line, with both trending upward. Traders view this as a sign that buying interest is picking up, and the price may continue to rise. Additional technical insights were provided by another pseudonymous analyst, SDX, who observed that SOL has been coiling below a descending trendline formed since the beginning of the year. A successful breakout and retest of this level, SDX notes, could act as a catalyst for a stronger uptrend, potentially opening the door to a new all-time high if buying volume confirms the breakout. Fundamentals are also panning out in Solana’s favor. First, SOL was recently included as one of the featured assets in Trump Media and Technology Group’s proposed “blue-chip” cryptocurrency ETF, according to a filing with the U.S. SEC. Second, reports indicate that the U.S. SEC has requested issuers to amend and resubmit…
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