Solana is making a ascending triangle in 30 minute time frameIn the 30-minute time frame, SOL is forming a classic ascending triangle pattern, which is often indicative of a bullish continuation. The ascending triangle consists of a horizontal resistance line at around $162 and a rising trendline that connects the series of higher lows. This pattern suggests that buying pressure is gradually increasing, pushing the price higher despite the resistance at $162.
Given the pattern’s characteristics, the entry point for this trade is strategically placed at $162. This is the level where the price is expected to break through the upper resistance line, signalling a potential continuation of the upward trend. Setting the entry at this level allows for participation in the anticipated bullish move while managing risk.
The target price (TP) for this trade is set at $169. This target is derived from measuring the height of the triangle's base and projecting it upwards from the breakout point. Given the ascending triangle's tendency to push the price towards the measured move target, $169 represents a logical point to take profits.
Before proceeding, ensure to monitor for increased volume at the breakout, which confirms the pattern's validity and strengthens the trade's probability. Additionally, considering overall market conditions and other technical indicators can help refine the trade setup and mitigate risks. This approach aligns with the bullish signal provided by the ascending triangle, aiming for a potential gain of $7 per share.
