In our last Solana forecast, we were still quite bullish in the short term, which is why we assumed a short-term increase. However, as a result, the price broke the support trend line and crashed even more than before. But how could the Solana course continue now that some time has passed and new patterns have been formed? We at CryptoTicker will explain to you today about the patterns created in the Solana chart and evaluate whether the price is likely to rise or fall in the future.
Why is an outbreak imminent?
SOL/USDT Symmetric Triangle
The Solana price has formed a trend line in recent weeks, which is constantly serving as resistance. In addition, the price has formed a trend line, which serves as a support. However, this trend line is much fresher than the resistance trend line. As a result of the fact that a resistance and a support trend line were formed at about the same time, a symmetrical triangle was formed. Such triangles usually serve as a trend continuation pattern, which is why there is a higher chance that the price will break out bearishly.
How low will Solana fall?
If there is a bearish breakout, which we assume, the next support is likely to be targeted. The next support is around $20. Since the Solana price is already in the last third of the triangle and has to decide soon, the price could soon fall to the support of $20 in the next few weeks, probably as early as the month of August. What happens after that is unclear for the time being. A final price drop to about $5 is not excluded.
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