With the asset stuck in recent weeks, Solana eyes an increase to $175 as a new pattern shows SOL could be nearing a massive surge. Indeed, a descending triangle shows that the crypto is nearing a bullish trajectory. That should set off a new wave of momentum for the token.
For the last several days, the asset has failed to gain any notable traction. Since August began, it has mostly traded sideways, despite a rather impressive showing in July. That could be set to change. Moreover, the end of the summer should see Solana return to its highs from last month.
Also Read: Solana Price Prediction September 2024: How High Can SOL Go?
SOL to $175? Pattern Says Solana Surge May be Inevitable
Solana has been a high-potential crypto throughout this year. The token was poised to compete alongside Bitcoin and Ethereum as the market’s big three. Moreover, it was set to follow in their footsteps. Specifically, receiving its own ETF in the United States.
That has yet to come to fruition. Despite reaching rights to $183 during the final week of July, it has been downhill for the crypto. The market flash crash that took place on August 5th knocked it back quite a bit. Since then, it has been stuck around the $140 mark.
Over the last 30 days, the crypto has fallen more than 17%, according to CoinMarketCap. However, a slight reversal of 1% over the last 24 hours has it trading at $143. That could just be the start, as Solana may eye a trip to $175 amid a new pattern that could be huge for SOL.
Also Read: Second Solana ETF Receives Green Signal In Brazil As US Lags Behind
Teh toke’s chart has shown a descending triangle. This pattern is often associated with buyer accumulation and hints at a price breakout. Should this pattern operate under these assumptions, Solana could be nearing an increase to $163 very soon.
Additionally, the Fibonacci tool suggests that $175 would be next if it is able to make the breakout. However, that isn’t the only pattern that assures optimism regarding SOL’s performance. A golden cross has formed on the MACD line.
This is a bullish indicator that usually forecasts an increase in trading activity and price. Yet, it is not a certainty by any means. The next few days will be vital. They should determine if the Golden Cross breakout is still viable.