Solana's Ascending Triangle Sets $249 Target, Raising the Stakes
Last week, we noted that Solana triggered an inverse head and shoulders pattern by pushing higher on Sunday, October 20. This pattern has a target of $201 per coin. Interestingly, the price reached as high as $178 before being rejected lower, forming a lower high than the high from July 28. We can now draw a descending trend line by connecting the highs from March, April, and July and the recent high on October 24. Support runs through the September 6 low at $120 per coin. Together, these lines form a bearish descending triangle.
What's interesting is that Solana's price is now testing the trend line of this pattern. If it breaks above, the pattern suggests a potential target as high as $249 per coin—a strong 39% gain. However, trading a breakout from the descending triangle trend line is challenging, yet with the smaller inverse head-and-shoulders pattern, triggering this pattern becomes more plausible. Additionally, Bitcoin's strong upward momentum is providing further support.
This content is not directed to residents of the EU or UK. Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
What's interesting is that Solana's price is now testing the trend line of this pattern. If it breaks above, the pattern suggests a potential target as high as $249 per coin—a strong 39% gain. However, trading a breakout from the descending triangle trend line is challenging, yet with the smaller inverse head-and-shoulders pattern, triggering this pattern becomes more plausible. Additionally, Bitcoin's strong upward momentum is providing further support.
This content is not directed to residents of the EU or UK. Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
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