Long

SOL/USDT : Breaking out of the triangle in HTF

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#Solana has endured a lengthy consolidation period after posting a new all-time high of $216 in early September.
Although SOL remains stagnant, the asset could be gearing up for a significant spike in volatility.

The smart contract blockchain’s #SOL token has been consolidating for several weeks.
At the same time, many market participants have shifted their attention toward Bitcoin after the first BTC futures ETF launched in the U.S. yesterday.

#SOL has been making a series of lower highs and higher lows without providing a clear outlook of where it is heading next.
Such price action appears to have developed a symmetrical triangle on #SOL’s 12hours chart.

The measurement of the height of the triangle’s y-axis added to the breakout point suggests that the ongoing stagnation period could result in a 43% price movement.
Still, #Solana must first print a daily candlestick close above resistance or below support to determine the direction of its trend.
The struggle between the bulls and bears will be decided once the price passes the key resistance ($170.00) or support ($140.00) levels.

📊 Technical Indicators

Volume: The volume has been flat ever since the price entered the current pennant.
The next move can be in either direction at this point.

RSI: The RSI gives a slight bullish bias due to the higher lows.
However, it also needs to register a higher high before the up-trend is confirmed.

MACD: The histogram on MACD is bullish, and the moving averages has formed a bullish cross.

- Also on other views, You can see that #SOL had a breakout and retests the trendline...

📑 Bias
Bullish-Neutral. It is always best to wait for a break above or below the pennant before assuming a narrative.
As such, despite some early signs that SOL can turn bullish, this bias has to be confirmed first with a clean break from the pennant.

📚 Mid-Term Price Prediction for SOL Price
It’s likely for #SOL to break from this formation today and take hold above it.
Based on my Fibonacci extension indicator and the measurement of the height of the triangle’s y-axis, it can surge to $265's possible resistance zone !

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Helical_Trades

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