In Brief
The Solana (SOL) price has been following a long-term ascending support trendline since the beginning of the year but is currently facing resistance at $27. Analysts are closely monitoring its movements to predict potential outcomes.
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Solana’s Bullish Patterns
The price of Solana is trading within a long-term ascending triangle pattern, indicating a bullish trend. Recently, the price bounced off the support line on September 11, initiating its upward movement. On September 28, SOL broke out from a descending resistance trendline, accelerating its increase. However, it still trades below the crucial $27 resistance area, forming an ascending triangle, a bullish pattern.
RSI Analysis
The Relative Strength Index (RSI) is above 50 and rising, indicating a bullish trend. RSI is a valuable momentum indicator, helping traders assess market conditions. With RSI above 50 and an upward trend, bulls are in control, suggesting positive prospects for Solana.
Analyst Sentiments
Social media sentiments on platform X are predominantly positive. Notable traders like Beastlyorion and Crypto Rand are optimistic, citing ascending triangle patterns and short-term breakouts. Additionally, Carpe Noctom observes a significant inverse head and shoulders pattern since February, adding to the bullish outlook.
SOL Price Prediction
Considering the two bullish patterns and positive analyst sentiments, if SOL breaks the $27 resistance, it could surge to $40, marking a 66% increase from the current level. However, a failure to break the resistance might lead to a 20% drop, with the price finding support at $20.
