Solana (SOL) Price Nears Triangle Pattern Breakout, SwallowPremium Discusses Two Possible Scenarios

SwallowPremium discusses the imminent breakout for Solana (SOL) as it nears the final phase of its triangle pattern. He pointed this out in a post on TradingView as he tried to determine the next price direction of Solana.

Cryptocurrency trader SwallowPremium has shared his insights on the upcoming breakout for Solana (SOL) as it nears the final phase of its triangle pattern.

In a post on TradingView, SwallowPremium attempted to determine the next price direction of Solana. He outlined two potential scenarios that could unfold.

Potential 26% Upside Move:

SwallowPremium noted that the price is approaching the upper resistance zone while remaining above the EMAs. He highlighted that if a breakout occurs, it will be crucial to monitor a re-test of the broken zone.

Should this re-test be successful, it could trigger a robust upward movement, leading to a 26% price increase from the breakout point to the next resistance at $37.

Potential 30% Downside Move:

On the other hand, he warned that if the price encounters rejection at the upper resistance or if the breakout fails, attention will shift to the support zone. A breakdown below this support, followed by a successful re-test, could result in a significant downward decline.

This decline could reach the lower support at $25, indicating a potential 30% price decrease from the breakout point.

Through this analysis, SwallowPremium provides a clear view of the critical levels to watch as Solana approaches this pivotal moment.

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