This SOL technical analysis shows that the SOL price action approaches the triangle pattern’s breakout stage, making the traders give in to FOMO. So what should you do at this stage? Key Technical Points: SOL prices have increased by 1.97% in the last 24 hours. The price action shows a bullish attempt to exceed the 50-day SMA. The 24-hour trading volume of Solana is $1.37 Billion, indicating a rise of 50%. Past Performance of SOL The SOL price action shows a symmetrical triangle pattern in the daily chart, with the 50-day SMA moving along with the resistance trend line. The buyers at the support trendline recently diffused a double top pattern and continue undermining the opposing SMA’s rejections. Additionally, the morning star formed that the support trendline increases the likelihood of a bullish breakout. Source – Tradingview SOL Technical Analysis The SOL prices struggle to find a bullish follow-through within the symmetrical triangle as the price action bottles up the pattern. However, traders may shortly find the breakout entry opportunity as the space within the pattern fills up. The MACD indicator struggles to sustain a bullish bias as the fast and slow line teases a bearish crossover slightly below the zero line. Moreover, the falling trend in the positive histograms increases the likelihood of a downtrend continuation in the indicator. The RSI indicator shows a lateral trend below the halfway line struggling to find...
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