On July 16, Fairlead Strategies analysts believe that SOL may experience a triangular breakout, which could prompt its price to rise again.
SOL nearly doubled to above $200 in Quarter 1. Since then, its uptrend has lost momentum, with pullback support around $120 and a gradual slowdown in the price recovery. This has led to a so-called downside triangle pattern, which indicates that sellers are dominant, so a breakout represents a new uptrend.
"A breakout would mark a bullish continuation of the long-term uptrend in SOL, with secondary resistance around $202 and triangular support around $132," analysts at Fairlead Strategies said in a note to clients on Monday. "However, until a breakout occurs, we maintain a neutral bias."
Analyst: SOL may break through the triangle, which will drive its price up again
2024-07-16 10:53:39
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