This Rectangle Pattern Signals Two Bullish Scenarios for Solana: SOL Price Outlook

Peter Brandt, with more than 730,000 followers on Twitter, posted a technical analysis of Solana (SOL) using the daily timeframe.

Technical analysis by Peter Brandt suggests two bullish scenarios for Solana (SOL) based on a rectangle pattern.

A rectangle pattern is forming between $120 (support) and $210 (resistance), with SOL oscillating within these levels since April.

Multiple touches at both the $120 and $210 levels reinforce the validity of these support and resistance price points.

The crucial support at $120 has seen the price bouncing off multiple times, indicating potential for a sizable advance if this level continues to hold.

Resistance at $210 has also been tested several times, with SOL failing to break above it. A breakout beyond this level could confirm the bullish potential.

The 8-day moving average is currently around $137, indicating that the price is above this trend indicator, which typically signals short-term bullish momentum.

Now that the price has bounced off the bottom of the rectangle, we may see a spike toward the top at around 210 in the short- and medium-term.

If the price breaks out of this rectangular range, the measured move target (the height of the rectangle added to the breakout point) could project a potential move toward $300 or beyond.

The above is the detailed content of This Rectangle Pattern Signals Two Bullish Scenarios for Solana: SOL Price Outlook. For more information, please follow other related articles on the PHP Chinese website!