Solana (SOL) Shows Signs of a Potential 10% Upswing, Breaking Out of the Descending Channel Pattern

Analysts cite a breakout from a descending channel pattern as a bullish signal, indicating that the coin may be poised to reverse its recent downtrend.

Solana (SOL) price is teasing a 10% upswing in the coming days as it shows a breakout from a descending channel pattern on Tuesday.

This bullish move comes into the picture after a recentفرة in Solana’s price, which saw a 3.5% gain at the time of writing. This breakout from the descending trendline presents a potential entry point for traders looking to join the SOL rally.

If the upper band of the descending trendline holds as throwback support, we could see a 10% surge, retesting the June 17 daily high at $151.79.

Solana’s price action is also setting the stage for a potential 10% upswing in the coming days. After a recent breakout from a descending channel pattern, SOL is now trading 3.5% higher, presenting an opportunity for traders. A trendline retest level around $132.34 could serve as a potential entry point.

After multiple swing lows and highs between June 6 and 26, the descending channel pattern offers a technical backdrop for SOL’s rally. If the upper band of the descending trendline acts as throwback support, we can expect a 10% surge, retesting the June 17 daily high at $151.79.

Solana’s ecosystem has seen a lot of expansion recently, which bodes well for the native token. New decentralized applications (dApps) are launching, and Solana's blockchain is seeing increased adoption for non-fungible tokens (NFTs) and decentralized finance (DeFi) projects.

These developments bring more users and developers to the platform, boosting the demand for SOL tokens. Moreover, recent partnerships and integrations strengthen Solana's presence in the crypto space.

Solana's collaboration with major exchanges and DeFi platforms enhances liquidity and accessibility, making it easier for traders and investors to interact with SOL.

However, every silver lining has a cloud. If Solana's price makes a daily candlestick close below $122.00, the bullish thesis would be invalidated, potentially leading to a 5% decline to retest the weekly support level at $115.83.

But if the overall crypto market sentiment remains positive, SOL might close above $151.79, extending its rally by an additional 14% to retest the weekly resistance level at $172.93.

Solana (SOL) price is teasing a 10% upswing in the coming days as it shows a breakout from a descending channel pattern on Tuesday.

This bullish move comes into the picture after a recentفرة in Solana’s price, which saw a 3.5% gain at the time of writing. This breakout from the descending trendline presents a potential entry point for traders looking to join the SOL rally.

If the upper band of the descending trendline holds as throwback support, we could see a 10% surge, retesting the June 17 daily high at $151.79.

Adding to the positive sentiment, the Solana ecosystem continues to expand. Recent developments include the launch of new decentralized applications (d

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