bullish

Solana

As the crypto market prepares for a bull cycle, Solana (<a href="https://yellow.com/asset/sol" rel="noopener noreferrer nofollow">SOL</a>) formed an interesting pattern on October 30 with some retreats. SOL <a href="https://thenewscrypto.com/solana-forms-bullish-flag-pattern-as-sol-retreats-to-170-level-analysis-points-to-830/" rel="noopener noreferrer nofollow">went down to</a> the $170 level from its $181 high point yesterday, forming a bullish flag pattern.
The retreat seems to be a price correction that the digital asset is experiencing after it touched its highest point since January.
However, this pullback doesn’t indicate that Solana’s growth has stopped. In fact, SOL is still leading the chart with a 14% monthly gain which is in line with Bitcoin’s historical highs ahead of the US election.
Crypto analysts like Xanrox have called this a bullish flag pattern (with $383-829 targets) as indicated by the sustained display of strength by Solana despite immediate dips. This pattern is indicative of a temporary consolidation phase which can be seen in the 3-day price chart of SOL.
As per the Elliott Wave analysis, Solana showed exceptionally high returns that went above 2600% last year in the previous wave which set the stage for another wave.
The upcoming SOL upward trend will harbour specific price targets as revealed by the Fibonacci retracement levels. There is a chance of a 119.9% surge from the current breakout point as the initial objective of Solana stands at $383.39 corresponding to the 0.382 Fibonacci level.
However, analysing the four-hour chart of SOL pointed towards short-term weakness patterns developing as technical indicators suggest the digital asset might test support at $147 level before it embraces the upward trend.
While Solana’s Stochastic Oscillator stands at 81.2 its Relative Strength Index (RSI) is at 71, this implies there are overbought conditions at present which is usually seen before price corrections.
As of October 31 evening, <a href="https://coinmarketcap.com/currencies/solana/" rel="noopener noreferrer nofollow">Solana has gone down</a> 3.14% in the last 24 hours to trade at $170.21 with a market cap and trading volume of $18.06 billion (down 3.49%) and $2.56 billion (down 24%) respectively.

Solana Forms $383-829 Target Point Bullish Flag Pattern As It Dips To $170

Yellow News

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