Solana Price Could Jump 12% This Week; Here’s Why?

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Published 34 mins ago

Solana (SOL) price analysis remains bullish for the day. Since the beginning of the September series, SOL gained nearly 11%. After consolidating near $30.0, the price extends the price movement in the higher direction.

  • Solana’s price continues to scale higher on Tuesday.
  • A breakout of the Symmetrical triangle favor bulls.
  • The downside is capped near $31.0.

SOL price turns north

Source: Trading view

SOL on the daily chart formed a “Bullish Shark” Harmonic pattern. In a bullish Shark pattern, however, the second top is higher than the first one. In addition, it combines Fibonacci retracement with Elliott’s waves theory, and some new ratios like 127.20% are used. This pattern is a Reversal pattern of a continuation trend. 

According to this pattern, If the price closes above its long consolidation zone resistance, then we can expect a bullish movement of up to ($37.0). 

The conclusion is that the price is still bearish, and has a possibility to go down even more in the future to its recent swing low if the price isn’t able to close above the given level in the coming week. 

Source: Trading view

 On the two-hourly chart, SOL gave a breakout of a “Symmetrical Triangle” Pattern, & test the highs of the August 30 candle, but faces the resistance of the 200-day exponential moving average. The price is starting to come down to its breakout point ($32.25). Although, The breakout above the current highs ($33.60), will help the price to go up to the highs of August 26 ($35.75).

The nearest support is ($31.00), whereas the nearest resistance is around ($33.60). There is a higher probability of the price breaking its resistance But, if any chance price tends to come close to its support, and we’ve seen any rejection there with rising volumes, then we can buy there as well “Buy on dips” Opportunity.

On the other hand, a break below the $31.00 level could invalidate the bullish outlook. And the price can move toward $28.60.

Also read: http://Breaking: Ethereum Jumps 7% As The Final Merge Upgrade Goes Live

SOL is slightly bullish on all time frames. Above  $33.60  closing on the hourly time frame, we can put a trade on the buy side. 

As of publication time, SOL/USD is reading at $33.50, up 4.31% for the day. The ninth largest cryptocurrency by the market cap holds a 24-hour trading volume of $886,235,005 with more than 80% gains. A rise in volume with rising in the price is a bullish sign.

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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