Solana Price Prediction as Triangle Breakout Puts $SOL on Path to $240 Target

Solana Price

Solana Price Prediction: Amid the Bitcoin consolidation around $70000, the crypto market witnessed heightened volatility shifting the price trajectory of major altcoins sideways. The Solana coin not immune from this uncertainty showcases a lateral movement reasoning within two converging trendlines. The 4-hour chart reveals this movement as pennant pattern formation- a common structure that buyers use to recuperate the exhausted bullish momentum.

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Investor Confidence Peaks as Solana’s Open Interest Crosses $3 Billion 

Solana Price Prediction| Tradingview

For the past two weeks, the Solana price strictly resonated within two converging trendlines of a pennant pattern. This chart structure represents a post-rally consolidation meant to stabilize the overbought asset and prepare for the next leap.

On March 29th, the SOL price gave a bullish breakout from triangle resistance signaling the renewed recovery sentiment among traders. The post-breakout rally pushed the coin price 3% higher to currently trade at $196.

With a market of $3.57 Billion, the Solana coin maintains its position as the fifth-largest cryptocurrency.

If the breakout sustains, the crypto buyers may drive a 21% rally to hit the $238-$240 milestone.

During the recent uptick, the open interest for Solana has rebounded to over $3 billion, as per the data from Coinglass. This resurgence in open interest suggests a growing confidence among investors, hinting at increased market activity and speculation in anticipation of potential price movement.

SOL Futures Open Interest (USD)

Technical Indicator

  • Exponential Moving Average: For over a month, the 100 EMA slope for 4 hours has offered suitable support to coin buyers during market pullback, indicating a crucial level for buyers to defend.
  • Average Directional Index: The ADX slope uptick at 18% with a pennant pattern breakout, signaling the buyers have sufficient momentum to drive a prolonged recovery.

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Sahil Mahadik