Solana has performed quite well recently. She was among the best performers among the top 10 cryptocurrencies today. SOL was the highest-earning altcoin among the top 100 coins ranked by market capitalization. Technical analysts note that Solana’s price is trading inside a long-term ascending triangle formation.
Solana is trading within a bullish pattern
cryptokoin.comAs you follow from , Solana has been attracting attention with his recent performance. The altcoin price has increased alongside the long-term ascending support trend line since the beginning of the year. More recently, the price bounced at the support line on September 11. Thus, it started the current upward movement. On September 28, SOL price broke out of the descending resistance trend line (dashed), further accelerating its increase rate. Despite the breakout, SOL is still trading below the $27 resistance area. Combined with the $27 area, the price action forms an ascending triangle, which is considered a bullish formation.
The daily RSI provides a positive reading. With the RSI as a momentum indicator, investors can determine whether a market is overbought or oversold and decide whether to accumulate or sell an asset. If the RSI value is above 50 and the trend is upward, the bulls have an advantage. However, if the value is below 50, the opposite is true. RSI is above 50 and rising. Hence, both are signs of a bullish altcoin trend.
What do analysts say about SOL?
Sentiment for Solana on social media platform X is mostly positive. The analyst, nicknamed Beastlyorion, points out that the altcoin price is gaining upward momentum. The analyst also points out the same ascending triangle.
The analyst nicknamed Crypto Rand also has a positive outlook for the Solana price. ShardiB2 highlights consecutive bullish daily closes, while descending resistance outlines several short-term breakouts from trend lines.
Perhaps the most interesting outlook for the altcoin comes from Carpe Noctom, which shows a major inverse head and shoulders (H&S) pattern that has been developing since February. Similar to the ascending triangle, the inverted head and shoulders is also a bullish pattern.
SOL price prediction: Will a breakout occur for the altcoin?
Crypto analyst Valdrin Tahiri also sees bullish signals in SOL’s technical picture. As mentioned earlier, there are two bullish patterns visible on the daily time frame: the ascending triangle and the reversal H&S. Both formations support continued uptrend and an eventual breakout. The trend line of the H&S formation is not clear due to the increase in July (green circle). In the case of the triangle, resistance lies at $27. If the altcoin breaks out, an increase across the entire height of the patterns (black) could push the price to $40. This would be a 66% increase. Additionally, it will constitute the highest price reached since August 2022.
Despite this bullish SOL price prediction, its failure to break out of the $27 resistance area changes the complexion of the situation. In this case, it is possible for the altcoin price to decline sharply. Thus, a 20% decline to the ascending support line at $20 would likely be the future price outlook.
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