Solana was trading under the descending triangle pattern from November 6, 2021, till yesterday. In case to rise and break the downtrend, it was necessary to break above this descending triangle.
The Solana price today is $224.43 USD with a 24-hour trading volume of $3,135,356,427 USD. Solana is up 4.62% in the last 24 hours, with a live market cap of $68,645,489,138 USD. It has a circulating supply of 305,862,836 SOL coins.
Solana Chart is positive : Analysis
The hourly chart shows that Solana has broken upwards the descending triangle and we have green confirmation candles confirming the breakout. The important resistance for Ethereum to break here is at fib 0.5 level. After breaking this important resistance we might see Solana at 0.786 at $242 – it will take some time, however. This could be a fakeout as well and Solana might get trapped again inside the triangle. Bitcoin price movement will be decisive here.