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The cryptocurrency market seems to be caught in a lull, with most large-cap assets struggling to break out of the choppy market condition at the moment. The Solana price, for instance, appears to be stuck in the $120 – $140 range over the past two weeks.
Interestingly, a popular analyst on the social media platform X has come up with an exciting bullish projection for the sixth-largest cryptocurrency.
Can SOL Price Reclaim $150 In The Short Term?
In a March 22 post on X, a crypto analyst with the pseudonym Satoshi Flipper put forward an interesting short-term analysis of the Solana price. According to the online pundit, the altcoin’s price appears to be on the verge of a breakout with sights on a new higher high.
This bullish prediction revolves around the appearance of a symmetrical triangle pattern on the 4-hour timeframe of the Solana price chart. The symmetrical triangle is a technical analysis pattern characterized by a diagonal falling upper trendline (connecting a series of lower highs) and a rising lower trendline (connecting the higher lows).
The asset price typically moves in a converging pattern toward the apex of the symmetrical triangle. At the apex, the asset’s price will move to break either the upper trendline (a breakout) or the lower boundary (a breakdown). Depending on whether it is a breakout or breakdown, the symmetrical triangle could signal a continuation or reversal of a trend.
Symmetrical triangles tend to be continuation patterns, meaning the price tends to resume its initial trend direction before falling into the triangle formation. However, the direction of the breakout is never certain, as the pattern indicates the indecisiveness of the market at a given moment.
According to Satoshi Flipper, the prevailing downward trend of the Solana price is about to witness a reversal and a potential run to the upside. The crypto analyst expects the price of SOL to witness a turnaround if it successfully closes above the upper trendline at $132.
In a symmetrical triangle pattern, the price target is calculated by adding the length of the widest point of the triangle (or base) to the breakout point. Based on this logic, investors could see the price of Solana hit as high as $152 (representing an almost 20% surge from the current price point).
Solana Price At A Glance
As of this writing, the price of SOL is hovering around the $130 mark, reflecting an over 2% jump in the past 24 hours.
Featured image from Getty, chart from TradingView
Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.
Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part – in fact, far from it.
Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.
When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.
Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books – ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.
Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.
Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time – he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.
Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon – cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment – spreading the crypto gospel to the rest of the world.
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