Crypto Investors Look for Clues in Solana’s Triangle Pattern

Crypto traders looking for clues about the next possible move on the programmable blockchain should closely follow the triangle price consolidation observed in Solana’s SOL token.

At least that’s the message from analysts at Fairlead Strategies, who see a potential triangle breakout as a catalyst for a renewed price rally.

SOL, the world’s fifth-largest crypto asset, nearly doubled in the first quarter to levels above $200 as the outflow of spot bitcoin ETFs in the U.S. propelled the crypto market higher. However, the uptrend has since lost momentum, with pullbacks and increasingly shallow price recoveries supporting around $120.

This resulted in a descending triangle pattern that includes a downsloping trendline representing lower highs, a solid support level, and a flat trendline. A breakout of this pattern, which indicates seller dominance, could mean renewed upward momentum.

“A possible breakout would signal a continuation of the long-term uptrend and would put the secondary resistance near $202. The triangle support is near $132,” Fairlead Strategies analysts wrote.

According to CoinDesk data, SOL is trading at $155 at press time.