{"id":626880,"date":"2024-06-28T17:00:26","date_gmt":"2024-06-28T17:00:26","guid":{"rendered":"https:\/\/wncen.com\/?p=626880"},"modified":"2024-07-10T09:46:19","modified_gmt":"2024-07-10T09:46:19","slug":"solana-poised-for-epic-reversal-analyst-spots-bullish-pattern-echoing-2022-breakout","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/solana-poised-for-epic-reversal-analyst-spots-bullish-pattern-echoing-2022-breakout\/","title":{"rendered":"Solana Poised For Epic Reversal? Analyst Spots Bullish Pattern Echoing 2022 Breakout"},"content":{"rendered":"

Solana (SOL), a cryptocurrency known for its quick transfers, may be making a big comeback. Technical analysts anticipate the price will climb again since the current price chart closely follows a pattern seen before to a large price increase<\/a> in 2022.<\/span>
\n<\/span><\/p>\n

Related Reading: Don\u2019t Sweat The Dip! Ethereum 15% Price Slump Could Spark Epic Comeback \u2014 Analyst<\/a><\/div>\n

Solana: Chart Pattern Suggests Possible Rebound<\/strong><\/h2>\n

Most experts discuss a “falling triangle” pattern that may be seen on SOL’s current chart.<\/span> This pattern, which is common during the consolidation period of a decline, typically indicates that the slide will continue. However, the emergence of such a pattern following a significant price decrease may signal a probable reversal.
\n<\/span><\/p>\n

\n

I’ve seen this movie before.$SOL<\/a> pic.twitter.com\/ByKj3VgSkD<\/a><\/p>\n

\u2014 Jelle (@CryptoJelleNL) June 27, 2024<\/a><\/p><\/blockquote>\n

Jelle, a renowned investor and cryptocurrency analyst, has been discussing this trend extensively on social media. The expert contrasts the current chart to the one that existed prior to SOL’s emergence in 2022 and states, “I have previously observed this film.”<\/span> Many analysts are expecting the same outcome this time around, as the previous breakout resulted in a substantial increase in prices.
\n<\/span><\/p>\n

\"\"<\/p>\n

Approaching A Critical Juncture<\/strong><\/h2>\n

The pre-breakout phase seen in 2022 is shown in SOL’s current price movement. It appears that the price is approaching the critical level near the base of the falling triangle, where a breakthrough is anticipated.<\/span> As Jelle points out, if past performance is any indication, this breakout could drive SOL higher and potentially halt its present negative trend.
\n<\/span><\/p>\n

Solana market cap currently at $67 billion. Chart: TradingView<\/a><\/figcaption><\/figure>\n

However, you should use extreme caution while doing this. Technical indicators are helpful tools, but they can’t promise to accurately forecast how the market will act. Numerous factors, including as market mood, changes to the Solana environment, and general economic situations, impact the cryptocurrency market<\/a>, alongside chart patterns.<\/span>
\n<\/span><\/span><\/p>\n

Mixed Signals And Market Sentiment<\/strong><\/h3>\n

Despite all the unknowns, there seems to be a cautiously positive general attitude about SOL. Based on recent data, there appears to be a positive trend, with estimates suggesting a potential 16% increase<\/a> in price by July 28, 2024.<\/span> This forecast is consistent with the most current technical indicators, which show a notable 43% of green days over the past month and a neutral Fear & Greed Index of 47.
\n<\/span><\/p>\n

\"\"
Source: CoinCodex<\/a><\/figcaption><\/figure>\n

The next few weeks will be very important for SOL.<\/span> If the price breaks above the top trendline of the descending triangle, it will strongly support the bullish reversal theory and give investors new hope. But if SOL can’t break out of this trend, it could lead to more consolidation or even a drop.<\/span>
\n<\/span><\/p>\n

Eyes On The Future<\/strong><\/h3>\n

Solana’s chart pattern reminds me of the bullish spike in 2022, which makes me feel nostalgic. Whether this pattern will lead to anything similar or if history will simply not repeat itself is the crucial question.<\/p>\n

Featured image from Facts.net, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Solana (SOL), a cryptocurrency known for its quick transfers, may be making a big comeback. Technical analysts anticipate the price will climb again since the current price chart closely follows a pattern seen before to a large price increase in 2022. Related Reading: Don\u2019t Sweat The Dip! Ethereum 15% Price Slump Could Spark Epic Comeback \u2014 Analyst Solana: Chart Pattern Suggests Possible Rebound Most experts discuss a “falling triangle” pattern that may be seen on SOL’s current chart. This pattern, which is common during the consolidation period of a decline, typically indicates that the slide will continue. However, the emergence of such a pattern following a significant price decrease may signal a probable reversal. I’ve seen this movie before.$SOL pic.twitter.com\/ByKj3VgSkD \u2014 Jelle (@CryptoJelleNL) June 27, 2024 Jelle, a renowned investor and cryptocurrency analyst, has been discussing this trend extensively on social media. The expert contrasts the current chart to the one that existed prior to SOL’s emergence in 2022 and states, “I have previously observed this film.” Many analysts are expecting the same outcome this time around, as the previous breakout resulted in a substantial increase in prices. Approaching A Critical Juncture The pre-breakout phase seen in 2022 is shown in SOL’s current price movement. It appears that the price is approaching the critical level near the base of the falling triangle, where a breakthrough is anticipated. As Jelle points out, if past performance is any indication, this breakout could drive SOL higher and potentially halt its present negative trend. However, you should use extreme caution while doing this. Technical indicators are helpful tools, but they can’t promise to accurately forecast how the market will act. Numerous factors, including as market mood, changes to the Solana environment, and general economic situations, impact the cryptocurrency market, alongside chart patterns. Mixed Signals And Market Sentiment Despite all the unknowns, there seems to be a cautiously positive general attitude about SOL. Based on recent data, there appears to be a positive trend, with estimates suggesting a potential 16% increase in price by July 28, 2024. This forecast is consistent with the most current technical indicators, which show a notable 43% of green days over the past month and a neutral Fear & Greed Index of 47. The next few weeks will be very important for SOL. If the price breaks above the top trendline of the descending triangle, it will strongly support the bullish reversal theory and give investors new hope. But if SOL can’t break out of this trend, it could lead to more consolidation or even a drop. Eyes On The Future Solana’s chart pattern reminds me of the bullish spike in 2022, which makes me feel nostalgic. Whether this pattern will lead to anything similar or if history will simply not repeat itself is the crucial question. Featured image from Facts.net, chart from TradingView<\/p>\n","protected":false},"author":557,"featured_media":626888,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[142,6664,12837,83626],"class_list":["post-626880","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoins","tag-crypto","tag-sol","tag-solana"],"acf":[],"yoast_head":"\nSolana Poised For Epic Reversal? Analyst Spots Bullish Pattern<\/title>\n<meta name=\"description\" content=\"Solana (SOL), a cryptocurrency known for its quick transfers, may be making a big comeback. 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Solana Poised For Epic Reversal? 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