A recent study by expert Ali Martinez pointed out a possible significant move for Solana because its price chart has formed a Symmetrical Triangle pattern. Martinez wrote a new post on X about what he had learned and how this technical analysis (TA) pattern could cause a significant shift in the price of the coin.
Martinez says that the symmetrical triangle has two trendlines that come together: the upper line joins lower highs that have happened in a row, and the lower line joins higher lows. The way these lines meet at the same angle makes a triangle shape that is symmetrical.
In technical analysis, these kinds of formations usually mean that the price is going to stay the same for a while. The upper trendline acts as resistance, and the lower trendline acts as support.
Solana Approaches Breakout Point
If the price breaks above or below a trendline, it usually means that the trend will continue in that direction. If the price breaks below, it usually means that the trend will change direction and go down.
Martinez says this pattern is not the only one in TA; there are other designs like it, like Ascending and Descending Triangles. One of these is different because it has a trendline that goes along the time axis.
The picture that Martinez showed shows that Solana’s price has been moving within this Symmetrical Triangle for a few months, getting closer to the pattern’s peak. The chance of a breakout goes up as the price stays stable for longer. Martinez says to keep an eye on the $143 support and $178 resistance levels to see what Solana does next.
Solana is currently hanging near the lower trendline, which suggests that a retest might happen. This support level needs to stay in place for the rising trend to start up again. Martinez thinks that if this Symmetrical Triangle breaks out, prices could move by the same amount as the height of the triangle, which is 53%.
Solana’s price has dropped to $149 recently, but the upcoming repeat of the Symmetrical Triangle support could be a turning point for the cryptocurrency’s future.
