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Brian Bollinger The Solana coin price has seen a steady decline over the past two weeks. The coin price has been showing a series lower highs and lower bottoms within the two downsloping trendslines. However, this correction phase is part of a famous bullish continuation pattern called the ‘Flag pattern’ and may offer significant growth upon its completion.advertisementKey PointsDuring flag pattern formation, a bullish breakout from the overhead trendline is often interpreted as a sign that the prior uptrend is likely to resume.
The $20 footing is strong support for the SOL price
The Solana coin’s 24-hour trading volume is $812.2 million, which represents a 217% gain.
Source-TradingviewThe flag pattern is typically seen as a bullish continuation pattern, which implies that after a sharp price rally, the market may be due for a period of consolidation or correction. The “flag” portion of this pattern is necessary for the coin price’s recovery of bullish momentum. It is the symbol of the “flag”. Local support is currently holding the SOL price steady and preventing further decline. The ongoing decline in the coin price could be prolonged if this pattern is not broken. Trending Stories This breakout will signal replenished bullish momentum and a higher probability for recovery continuation.In ideal bullish conditions, this breakout could drive the SOL price to the November 2022 peak of $36.68.Technical IndicatorRSI: the daily-RSI slope breakdown from the midline accentuates the selling pressure is currently high.advertisementEMAs: the 20-day EMA slope is flipped into a resistance assisting sellers in extending the ongoing correction.Solana Coin Price Intraday LevelSpot price: $20.55
Trend: Bearish
Medium Volatility
Resistance levels: $22.6 and $25.67
Support levels: $20 and $18
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The content presented may contain the author’s personal opinion and is subject to market conditions. Before investing in cryptocurrency, do your market research. Close Story