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SOL/USDT UPDATE :- Solana failed to break above $47 despite several attempts to date. Now, the price is back at this key resistance level after a sustained rally from the key support at $40.
The price has also formed a large ascending triangle (in blue) and is quickly approaching the end of this formation, which will make a breakout very likely. The question is if SOL can manage to move above the key resistance at $40 and allow the price to rally higher towards $47.
While this formation gives a bullish bias, Solana has been left behind compared to other cryptocurrencies like ETH. For example, while ETH has made a higher high, Solana has failed to produce it. This shows weakness. Nevertheless, a break above the triangle appears more probable in the current market.
Remember:-This is not a piece of financial advice. All investment made by me is at my own risk and I am held responsible for my own profit and losses. So, do your own research before investing in this trade.
Sorry for my English it is not my native language. Do hit the like button if you like it and share your charts in the comments section.
Agreed. It just broke the triangle on your chart, and I think now $50-$54 is the target.That yellow path that you drew, if you just move it up to fit the black resistance line of the triangle, then that would be perfect. Otherwise, I'm going to continue following your chart this is great. Please make updates in the comments section when you can, because that sends me a notification