- Solana price nears a crucial tech technical pattern breakout aiming for $50.
- The MACD may flip bullish anytime from now, adding credibility to the optimistic outlook.
Solana is among the altcoins getting ready for a significant bullish milestone that may end the stalemate dominating the crypto market for over two months. The smart contract token consolidation will likely culminate in massive gains, especially if the ascending triangle matures.
Can Solana rise to $50 again?
SOL is trading at $35 at the time of writing, while its immediate upside has been capped under the 200 Simple Moving Average (SMA). This resistance also marks the ascending triangle’s x-axis. An ascending trend line is drawn alongside the swing lows and forms the hypotenuse.
An ongoing spike in buying pressure will likely break the resistance at the 200 SMA. Solana may swing higher 38% from the breakout point. This target is determined by measuring the distance between the two highest points of the triangle and adding it to the breakout point. Hence, the prediction of SOL trading at $50 following the breakout.
SOL/USD four-hour chart
Another bullish signal is likely to appear from the Moving Average Convergence Divergence (MACD). The MACD is a momentum oscillator utilized in trading trends but rarely in identifying overbought and oversold conditions.
The indicator appears on a chart with a couple of moving averages oscillating with no boundaries. Note that the crossover of these two lines is a trading signal resembling that of the moving average system.
It is essential to remember that crossing above the mean line is regarded as bullish, while crossing below the same line is bearish, a bearish signal. Hence, Solana would be bolstered upward in coming sessions.
The same bullish outlook is also reinforced by the 12-day Exponential Moving Average (EMA) crossing above the 26-day EMA.
SOL/USD four-hour chart bearish picture
The TD Sequential indicator can be used in identifying the positions where Solana’s uptrend or downtrend exhausts itself.
A bearish outlook on the four-hour chart has been presented in a sell signal taking the form of a green nine candlestick. This indicator is useful when looking for price points where one can sell Solana.