- Solana nurtures the uptrend ahead of a massive technical breakout.
- SOL's uptrend may delay amid consolidation affirmed by the MACD.
Solana price uptrend halted at $36 from support around $22. The bulls look forward to a colossal upswing as long as a critical technical breakout takes place. Nonetheless, the breakout may delay due to the possibility of a stalemate between the bulls and the bears.
Solana price could lift from the ascending triangle to $50
Solana price currently experiences a dwindling trading volume, as seen on the four-hour chart. Even so, its price has made a series of higher lows since support established at $22 to stop last week's selloff. On the upside, the resistance at $36 has remained unshaken, curtailing the bulls' efforts.
Such market behaviour formed an ascending triangle on Solana's four-hour chart. A horizontal line drawn along with the swing highs makes the x-axis, while a rising trend line drawn along with the swing lows is the triangle's hypotenuse.
An expected spike in the buying pressure behind cryptocurrency will likely allow bulls to crack above the overhead resistance of the x-axis. Here, Solana could shoot 50% based on the ascending triangle formation, as illustrated.
Note that ascending triangles have precise targets determined by measuring the distance between the highest and lowest points and adding it to the breakout point. Hence, the prediction for Solana price upswing to $50.
SOL/USD four-hour chart
The exact timeframe emphasizes the potential uptrend with a buy signal from the SuperTrend indicator. This tool follows the trend of an asset like the moving averages, but as it overlays the chart, it calculates the volatility, thereby sending buy and sell signals.
Note that a daily close below the price allows the SuperTrend to change from red to green and flip below the price, thus sending a bullish signal. A bearish signal will occur when the SuperTrend moves above the price and turns red. As long as the buy signal on Solana's chart holds, the uptrend will continue.
SOL/USD four-hour chart
Looking at the other side of the picture
The Moving Average Convergence Divergence (MACD) indicator brings forth the possibility of a sideways price action taking root in the near term. This comes with a levelling motion of the trend momentum calculator levels around 1 in the positive region.
In other words, the bull's and bear's strength is cancelling out, resulting in indecision. So, until the stalemate is broken, a consolidation period will take over Solana price action.