Solana and Descending Triangle

Solana is making lower highs on steady support of $130. This bearish movement has turned the hourly chart of Solana into descending triangle pattern.

 Solana price today is $147.38 USD with a 24-hour trading volume of $2,078,157,553 USD. Solana is up 7.95% in the last 24 hours, with a market cap of $45,949,961,526 USD. It has a circulating supply of 311,778,572 SOL coins.

Source: Tradingview

Solana: Analysis

Solana briefly broke above EMA 100 however could not break the previous high of $145 of January 9. EMA 100 has now turned again into local resistance. The descending triangle pattern breaks on either side however it the chances to break downwards are higher as we have an additional indication of hidden bearish divergence. RSI is rising while the price is dropping – this can trigger a bearish trend and make Solana dive below the support zone of $130. The considerable resistances to breaking positive from this pattern are at $142, fib 0.786, and $147 near EMA 200.

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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