SOL price continues to move sideways as trend momentum and intraday trading volume decrease for several weeks. Solana, which twice received support at $51, continued its downward trend by maintaining above $50.
Solana remains extremely bullish on the daily chart, maintaining growth returns of over 200% over the past 60 days. Therefore, the SOL price prediction maintains a bullish perspective.
Source – TradingView
SOL price, trapped between $51 and $68, continues to maintain lower highs, reflecting excessive overhead pressure. Additionally, the price action shows a bullish flag pattern in the ongoing consolidation phase.
The sideways range follows a 200% bull market over the past 60 days and shows a bullish continuation pattern of the flag pattern. Additionally, the 4-hour chart displays another buy signal for short-term traders.
Source- Tradingview
On the 4H chart, SOL price breaks out of the triangle pattern, providing a breakout entry opportunity for a short-term upside. However, there is a supply zone at $60 and this remains the next hurdle to be cleared.
Currently, the price of SOL is trading at $58.74 and is up 0.88% during the day, predicting a breakout rally.
Technical indicators:
RSI indicator: The daily RSI line shows a gradual lateral shift in a downtrend, signaling a trend reversal at the midline. Therefore, the RSI indicator predicts a possible bullish trend reversal.
Will a triangle breakout push SOL price higher?
On the daily chart, bulls are preparing for the continuation of the upward trend by predicting a flag pattern, which is a trend continuation pattern. Moreover, a breakout of the triangle on the 4H chart is expected to result in a high possibility of a breakout rally above the $68 level.
Therefore, as Solana prepares to gain trend momentum, SOL price could stage a breakout rally and reach the $75 mark. In a longer phase, the altcoin could psychologically reach $100.
Conversely, failure to maintain upward momentum could trigger a retest of $50, warning of a plunge to $44-$45.