- Solana price has breached the triangle consolidation
- SOL price has volume increasing in the bulls' favor
- An invalidation level for the bullish thesis will be a breach at $84
Solana price is charging forward this week as the price has breached the $100 level with ease. Solana enthusiasts could see a 40% rally soon.
Solana price is looking promising
Solana price has ascended into the mid $110 zone to start this week's trading session. It was mentioned in last week's neutral thesis that a breach above the triangle's C wave at $106 could be the ultimate catalyst to a 40% rally. This weekend, The bulls pushed Solana price through the trigger level, printing two bullish engulfing candles on the 9-hour chart.
Solana price will likely continue rising as five wave impulses typically follow triangle breakouts. Solana price has completed the first impulse into the trigger level at $106 and will need two more impulsive waves to justify the validity of the triangle consolidation. It's also worth noting that the volume profile is increasing with large buy orders from investors, indicating strength and confidence in the current trend. Traders should consider looking for entries on smaller time frames as the price is likely to chop around the trigger zone.
SOL/USDT 9-Hour Chart
Solana price could potentially climb to $150 as the broken triangle could drive the token an additional 40% higher. Still, traders should keep an invalidation level in mind. Under no circumstances should the SOL price fall below $84. If this were to happen, bears would likely push prices as low as $75, currently 35% below the current price.