Solana readies to en route to $265; check price prediction
SOL's price action and may give the signals of the bearish trend but technically it is a bullish continuation pattern which can be known as the pole pattern.
New Delhi: Solana is still in the Ichimoku Cloud area while pressing the near-term resistance price as the sellers were unable to push SOL any lower. Analysts suggest that SOL can hit $275 in the upcoming sessions.
The upside outlook signals as if Solana is magnetized to the top of the chart as market capitalization consolidates inside a range of bull pennant. The upward trend signals are the indicators that have formed inside a symmetrical triangle-like structure.
SOL’s price action and may give the signals of the bearish trend but technically it is a bullish continuation pattern which can be known as the pole pattern.
As per the experts, the pole Pattern entry price is $160 and entry is vital as it will be the first re-entry since the previous X-column broke above the uptrend angle. The initial bullish entry after the pullback can be intense and it can remain for quite some time.
As expected if the buyers begin to regain power the sellers will then look at the short chances. Bears will be observing every weakness from the first and initial entry at $160. The trendline on the chart depicts the chance where bears can take over and create a probable flash crash even after trapping many buyers.
As the analysts, the technical patterns and momentum currently favor bulls and buyers.
SOL’s chances of hitting $265 come amid an overall crypto price boom. Solana’s price rallied by 8% against BTC in the last few days due to its listing on South Korea’s one of the most famous crypto exchanges.
Solana has been one of the best performing altcoins in 2021 as its year-to-date profits stand at 8,500%. Solana went to touch it $216 in early September.