Analyst: SOL may break out of a triangle, pushing its price up again

Odaily News Fairlead Strategies analysts believe that SOL may see a triangle breakout, which will drive its price up again. SOL almost doubled in the first quarter to over $200. Since then, its uptrend has lost momentum, with pullbacks supporting around $120 and price recoveries gradually slowing down. This has led to a so-called descending triangle pattern, which indicates that sellers are dominant, so a breakout represents new upward momentum. "A breakout would mark a bullish continuation of SOL's long-term uptrend, with secondary resistance near $202. Triangle support is near $132. However, we remain neutral until a breakout occurs," Fairlead Strategies analysts said in a note to clients on Monday. (CoinDesk)