Solana on huge descending triangle pattern

What's in this article

Solana 4 hour chart has formed a huge Descending Triangle pattern which is still waiting for the confirmation candles.

Solana price today is $167.73 USD with a 24-hour trading volume of $2,582,644,021 USD. Solana is up 8.31% in the last 24 hours, with a market cap of $51,624,838,882 USD. It has a circulating supply of 307,790,601 SOL coins.

Source: Tradingview

Solana: Analysis

The Descending Triangle pattern is self-explanatory as it is followed by a major bearish move. The triangle patterns actually indicate the continuation of the previous trend, which in this case was Bearish. Starting from a peak of December 3 when Solana was at $240 to a bottom of $147 on December 13, Solana dropped more than 38% in just 2 weeks. Since this pattern signals the continuation of the bearish trend, Solana might drop to below the $100 mark, that’s bothering.

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 NewsBSC.com 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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