The post Solana to $110? THIS 6-month-long pattern could be key… appeared on BitcoinEthereumNews.com.

SOL has depreciated by 16.17% over the last 7 days Analysts expecting further downside, citing a strong HTF bear pennant Solana [SOL], the fifth-largest cryptocurrency by market cap, has recorded major losses over the past week. In fact, at press time, the altcoin was trading at $132.11. This, following a 4.02% price drop on the daily charts. Over the past week, the altcoin has been on a strong downward trajectory. On the weekly charts, SOL declined by 16.17% after a long month of depreciation. During what was a very volatile month of August, SOL lost over 21% of its value. Equally, SOL’s trading volume and market cap have been hit hard by the prevailing market conditions. This was best evidenced by the altcoin’s trading volume falling by 52.6% to $1.08 billion. These market conditions have left analysts predicting a further decline. For example, popular crypto analyst Crypto-Scient believes that since SOL has been at the end of a 6-month-long bear pennant, the altcoin may be positioned for further decline. What does market sentiment say? In his analysis, Scient cited an ongoing bear pennant that has sustained itself for the last 6 months. According to the analyst, the bear pennant is a high timeframe pattern, one suggesting that the broader market sentiment is bearish. In this particular case, that can be supplemented by SOL’s weekly and monthly charts too. Source: X Notably, when a crypto’s trend is set like this, it suggests the price is likely to continue to head down after a period of consolidation. The analysts went on to claim that we might see SOL consolidate within a tight range over the next 4-6 weeks. A breakout will follow this period of consolidation, however. A breakout from this pennant to the downside would result in the continuation of the…

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Filed under: News - @ September 1, 2024 8:02 pm