Crypto Update: Solana, will we finally see a technical move higher?

Blue on the crypto boards into today’s London session. The CRYPTO25 index leads the gains, but our focus is on Solana as the price has started to bounce after holding one again from 37.50 support.

This support is the base of a descending triangle price pattern, and the price has just started to break out of it in today’s session. Yes, we’re seeing good signs with buying currently, but we hope to see the price close above the upper triangle line completing the breakout.

If we do see a move confirm the breakout, we will be looking at the red resistance lines and if buyers can start clearing these resistance levels and get a new up leg happening. Looking further ahead, the next main level of resistance could be seen at the last low area, around 78.99.

All of this comes down to price breaking out and not fading back into the pattern. If we see a failed rally today, that would be a worry, and it could suggest that buyer momentum isn’t that strong. A break below the support base, and we could be switching short. But for now, we will continue to watch if Solana buyers can confirm a pattern break.

Solana D1 Chart

The post Crypto Update: Solana, will we finally see a technical move higher? appeared first on Eightcap.

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Joseph Jeffriess, Market Analyst in Eightcap
Eightcap is one of the leading CFD brokers in the market, providing online trading services to a wide range of clients from around the world. They offer 1,000+ CFDs based on Forex, commodities, indices, shares, and cryptocurrencies. The well-established trading company was founded in Melbourne, Australia, in 2009, and is regulated by the Australian Securities and Investments Commission (ASIC), the Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC) and the Securities Commission of The Bahamas (SCB).