Recent price movements have raised questions about Solana's short-term price direction
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions.
Remember, a pattern failure is more important than a pattern completionThe descending triangle pattern is a common technical formation characterized by lower highs and a horizontal support line. In some cases, the support line might seem strong, causing the price to bounce and make a strong move up.
With the pattern now completed for SOL, according to Brandt, anticipation among market participants remains palpable as they await potential price movements either to the upside or downside.However, Brandt's insights delve deeper than the mere formation of the pattern. He emphasizes that the validation of this pattern holds more weight than its completion. According to the legendary trader, a pattern failure is more important than completing the pattern itself.
At the time of writing, SOL was up 1.73% in the last 24 hours to $173, sustaining its rebound from April 10 lows of $162. On the upside, eyes will be on a break of the $184 level for a move toward $200 and beyond. On the other hand, the daily MA 50, which has held up SOL's price since late 2023, remains a formidable support.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Veteran Trader Predicts Solana's Potential to Outperform EthereumA well-known figure in the trading community predicts that Solana (SOL) has the potential to outperform Ethereum (ETH) and double its value if a significant resistance level is breached. This forecast has sparked intrigue and speculation within the cryptocurrency community.
Read more »
Veteran Trader Peter Brandt Showcases Bitcoin as Price New Move SpottedBitcoin price currently consolidating in tight range, hinting at potential move
Read more »
Ethereum Falls to 3-Year Low Against Bitcoin: Bear Trap? Peter Brandt AnswersVeteran trader Peter Brandt unveils scary Ethereum vs. Bitcoin outlook
Read more »
Solana Whales Shift $123 Million in SOL - What's Happening?Solana price consolidates amid massive Solana transfer worth around $123.1 million
Read more »
Solana trader more than doubles their investment overnight with BOMEMeme coin market sees renewed enthusiasm as Solana-based BOME leads the rally.
Read more »
Binance Announces Expanded Support for Solana Meme Coins WIF and BOMEBinance catapults into Solana meme coin craze, unveiling expanded support for Solana's WIF and BOME
Read more »