Solana Breakout Pattern

27 dic 2021

SOLUSDTSOLBTC

On the left hand side we have Solana Bitcoin chart which formed ascending right angled triangle. Horizontal top of the triangle also formed nice resistance zone and SOL BTC price touched the resistance 4-5 times during the last 4 months. Hypotenuse of triangle is also forming nice support line with higher lows for SOLBTC price. This overall setup tells us that Solana is strong against BTC and this trend will follow until further breakouts (either upward or downward).

I am expecting SOLBTC price to touch the resistance line again during the next month with a price target of 0.0043 SOLBTC.

On the right hand side we have Solana USDT price chart which is trading on ascending channel starting from august 2021 and made several higher highs and higher lows during that time. On a shorter time period we see descending (red) channel which started formulating from early November. We have seen one price breakout from this red descending channel which touched our upper line around $240. The price also broke the channel on 24 December and I am expecting that the price will touch the upper line again around $260 during the next month. If the price breaks above this line then we can see new ATH prices.

Overall I am bullish on Solana and will post an update if I see any reversal signs.

Good luck and trade smart! (not a financial advice)

Please like and share if you like my idea.