Triangular Momentum: SOL's Path to New Highs?

5 Jun

SOL is a consistent performer & a promising candidate for this bull run, supported by strong fundamentals & significant on-chain & market volume.

On the daily time frame, SOLUSDT is forming a symmetrical triangle pattern, often indicating a potential breakout. Historically, SOL tends to perform well when BTC rises, absorbing market optimism. With interim support in the $160-$161 range, further bullish movement is suggested. A breakout above this range could lead to a rally to the $204-$210 range, a high reached in May 2024, with a potential retest of the all-time high. If SOL breaks interim support, it might find support at the lower trendline of the triangle and bounce back, or in the event of a major market correction, it could be bought in the $107-$124 range. All moving averages & oscillators in both daily and weekly time frames signal a strong buy for #Solana. The market outlook is optimistic, so hold tight to your favorite Solana meme coins and watch for the Solana magic to unfold.