Solana Keeps On Striking 45 Percent Today

Solana is expected to reach a 45% price increase in the near term as it completes a double-bottom chart pattern against the US dollar. This pattern occurs when a price goes below a previous low and then rises to a level that’s around the prior low. Even with a 25 percent weekly increase, SOL has maintained a similar chart pattern since January. Its relative strength index and price movements indicate that a potential double bottom is in place.

A successful break above the double-bottom neckline would confirm the pattern. While it’s not a sure thing that SOL will continue its upward trajectory, analyst Steven Capo noted that it might face a potential bull trap once it reaches $150. According to an analyst, who asked to remain anonymous, the double-bottom neckline will most likely stop Solana’s upward trend. He also predicted that the cryptocurrency’s next move will be a bear wave. Solana is a project that aims to provide decentralized finance solutions powered by blockchain technology. Its initial work was launched in 2017.