Over the last two months or so, Solana has been following a clear triangle pattern.
With SOL coming from a strong bullish phase in August, this pattern is classically a bullish pattern, so I'm expecting a bullish break out soon.
Couple of days ago we had a bullish fake-out. It seems that SOL needs more time in the triangle, although the end of the pattern is very near. I'm expecting a break out within now and a week.
Potentially SOL will go down again to test the pattern support. A bounce from there will most likely lead to a bullish break out.
I'm looking at the $165 to $175 area for potential profit taking in the short term. Longer term traders might want to target $200 or even the all time high. Keep an eye on this one!
Happy trading!
With SOL coming from a strong bullish phase in August, this pattern is classically a bullish pattern, so I'm expecting a bullish break out soon.
Couple of days ago we had a bullish fake-out. It seems that SOL needs more time in the triangle, although the end of the pattern is very near. I'm expecting a break out within now and a week.
Potentially SOL will go down again to test the pattern support. A bounce from there will most likely lead to a bullish break out.
I'm looking at the $165 to $175 area for potential profit taking in the short term. Longer term traders might want to target $200 or even the all time high. Keep an eye on this one!
Happy trading!
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