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The cryptocurrency market seems to be caught in a lull, with most large-cap assets struggling to break out of the choppy market condition at the moment. The Solana price, for instance, appears to be stuck in the $120 – $140 range over the past two weeks.
Interestingly, a popular analyst on the social media platform X has come up with an exciting bullish projection for the sixth-largest cryptocurrency. Can SOL Price Reclaim $150 In The Short Term?
In a March 22 post on X, a crypto analyst with the pseudonym Satoshi Flipper put forward an interesting short-term analysis of the Solana price. According to the online pundit, the altcoin’s price appears to be on the verge of a breakout with sights on a new higher high. Related Reading Bitcoin Under Threat? Analyst Explores Two Bearish Black Swan Scenarios to Watch 1 day ago
This bullish prediction revolves around the appearance of a symmetrical triangle pattern on the 4-hour timeframe of the Solana price chart. The symmetrical triangle is a technical analysis pattern characterized by a diagonal falling upper trendline (connecting a series of lower highs) and a rising lower trendline (connecting the higher lows).
The asset price typically moves in a converging pattern toward the apex of the symmetrical triangle. At the apex, the asset’s price will move to break either the upper trendline (a breakout) or the lower boundary (a breakdown). Depending on whether it is a breakout or breakdown, the symmetrical triangle could signal a continuation or reversal of a trend.
Symmetrical triangles tend to be continuation patterns, meaning the price tends to resume its initial trend direction before falling into the triangle formation. However, the direction of the breakout is never certain, as the pattern indicates the indecisiveness of the market at a given moment. Source: @SatoshiFlipper on X
According to Satoshi Flipper, the prevailing downward trend of the Solana price is about to witness a reversal and a potential run to the upside. The crypto analyst expects the price of SOL to witness a turnaround if it successfully closes above the upper trendline at $132.
In a symmetrical triangle pattern, the price target is calculated by adding the length of the widest point of the triangle (or base) to the breakout point. Based on this logic, investors could see the price of Solana hit as high as $152 (representing an almost 20% surge from the current price point). Solana Price At A Glance
As of this writing, the price of SOL is hovering around the $130 mark, reflecting an over 2% jump in the past 24 hours. Related Reading Ethereum Price Nears Major Resistance At $2,200, Why A 13% Crash Could Follow 1 day ago The price of SOL on the daily timeframe | Source: SOLUSDT chart on TradingView Featured image from Getty, chart from TradingView