Our attention is drawn to Solana, which has begun to bounce after holding support at 37.50. A descending triangle pattern forms on the chart, indicating a bearish trend.
Yes, there are some purchasing trends for the time being, but we expect to see the price complete a breakout and close above the upper triangle line, which might signify the start of bullish progress.
We’ll be looking at the red resistance lines if we detect a movement towards higher ground and gain momentum. Buyers will have a long way to go before reaching the next big barrier at 78.99 if they start clearing these resistance levels and start a new upleg.
SOLANA Daily Chart
As the candle from yesterday continues to push the price higher, it appears that Solana buyers are still resisting selling.
If we see any signs of a failed rise today, it’s not good news for us, and it could indicate that volatility isn’t as high as we’d like with our first trade.
Any fall below the support level would be deemed short-term bearish, but for now, we’ll be watching to see whether Solana buyers can manage to break the pattern.
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