Solana’s (SOL) price has increased by 5% over the past week, approaching the upper line of its symmetrical triangle. If it breaks above this line, it could initiate a bullish trend.
SOL has been trading within this pattern since July 29, indicating a period of market consolidation where buyers and sellers are vying for control.
The MACD indicator and Chaikin Money Flow (CMF) readings suggest a potential upward breakout. The MACD line is above the signal line, showing stronger buying pressure.
CMF is above zero, indicating strong market demand and positive liquidity inflows, both crucial for sustaining a price rally.
SOL's funding rate across exchanges remains positive, showing stronger demand for long positions. If SOL breaks above the upper line, its price could rally to $171.91, a 12% increase.
If the trend turns bearish, SOL's price could fall to the lower line of the triangle at $148.27.
