Solana Price Forms Rare Bullish Setup, Hinting at Rally to $237
The SOL prize rose by 16% last month, when it had acted within a symmetrical triangle pattern, an outbreak from which it could probably increase up to $237 in the coming days. Solana (SOL) has been gaining momentum, with its price recovering by 33% since its low point in August. The token seems ready to confirm a bullish outbreak from a symmetrical triangle pattern, which could lead to a significant rally.
Technical Analysis
According to Crypto.News, Solana (SOL) gathered on September 8th, during the Asian period, before press time with an intraday high of $208.5. At this price, it is 33% above the August low and almost 100% higher than the lowest point this year. The token’s profits last month came in the middle of growing demand for derivatives. For example, Sol Future’s Open Interest rose to $12.9 billion at the time of press traffic, compared to $9.5 billion on the same day last month.
The weighted financing rate has also remained consistently positive since August 7th, a sign that derivative investors have remained bullish with the short-term prices of SOL. In the middle of such a bullish feeling, Sol Price now seems to be ready to confirm a bullish setup for a rare pattern that has formed in the 4-hour table. Remarkably, Sol Prize had been traded within a symmetrical triangle pattern since the end of August. The pattern is formed when the price achieves lower heights and higher lows and merged into a narrowing area that indicates a consolidation period.
Sol Price looks like an outbreak from a symmetrical triangle pattern in the 4-hour diagram. September | Source: crypto.news
At the time of printing, Sol is at a spitting distance to confirm an interruption above the upper trend line of the pattern. A look at the impulse indicators strengthens the possibility of such an event. The MACD line has moved via the signal line, a factor that indicates an upward trend at short notice. In addition, the relative strength index has been upwards and currently at 56, which signals a shift from a neutral to an optimistic trend with still space before reaching overwear levels.
Catalysts for Price Growth
If Sol Price manages a clean outbreak of over $208.8, which marks the upper limit of the symmetrical pattern, this would confirm a bullish outbreak, whereby a rally up to $237 is a projected goal that is based on the pattern. However, the setup becomes invalid if the SOL price falls below the lower trend line of the pattern, which could then become a bearish breakdown, leading to further losses.
One of the top catalysts that could support SOL’s price profits in the coming days is the upcoming Nasdaq listing of SOL strategies, a company that was previously traded on the over-the-counter (OTC). This transition to a large US exchange would mark a large milestone for the company and is expected to improve the company’s visibility and ability to collect donations. Sol strategies have developed into one of the largest institutional owners of Solana, with a current supply of Sol-token worth $87 million.
In addition to the listing, regulatory developments could serve as a further bullish tailwind. The US Securities and Exchange Commission currently reviews several ETF suggestions from ETF. If approved, these ETFs could pave the way for wider institutional access to Solana and possibly develop considerable inflows into the wealth class. The Solana NFT ecosystem shows the bullish story and shows signs of revival. In the last 24 hours, the sales volume for NFTS in Solana has risen by 47%, accompanied by a similar increase in the number of active buyers.
This recovery takes place after a time of decline and could develop retail and speculative demand again, which further strengthens the market dynamics of Solana. For more information on the Solana price and its potential rally, visit https://crypto.news/sol-price-forms-rare-bullish-setup-hinting-at-rally-to-237/
