Trading Guru Uncovers This Notable Pattern On Solana: What’s Next For SOL Investors?
April 11 2024 - 9:00PM
NEWSBTC
Trader and market analyst Peter Brandt has provided valuable
perspectives on the recent price movement of Solana (SOL),
suggesting the completion of a notable chart pattern. In
particular, Brandt has noted a descending triangle pattern forming
on Solana’s 4-hour price chart. Related Reading: Paradigm Drives
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Solana Identified Chart Pattern On SOL And Its Implications The
descending triangle pattern identified by lower highs and a
horizontal support line is often interpreted in technical analysis
as a signal of a potential downtrend continuation. Brandt’s recent
post highlighted the completion of this pattern, drawing attention
to a crucial development for SOL traders. Brandt’s analysis extends
beyond the mere identification of the pattern. He underscores the
significance of pattern validation over its completion. According
to Brandt, a pattern’s failure to fulfill its expected role carries
more weight than its mere completion. With the descending triangle
pattern now confirmed for SOL, market participants’ anticipation is
palpable as they await potential price movements, whether to the
upside or downside. A descending triangle has been completed in
$SOL I am only the messenger, not the message Remember, a pattern
failure (to do what it is supposed to do under classical rules) is
more important than a pattern completion pic.twitter.com/ezershgA5A
— Peter Brandt (@PeterLBrandt) April 10, 2024 Solana Network
Challenges Amidst Price Fluctuations While Solana’s price
performance has fluctuated over the past week, recent network
challenges have added another layer of complexity to the asset’s
situation. Despite a 12.7% decline in SOL’s value over the past
week, there has been a slight uptick of 4% in the last 24 hours.
However, ongoing network congestion has presented obstacles. Solana
developers are actively addressing these issues, with efforts
underway to resolve network congestion experienced on April 15.
Mert Mumtaz, CEO of Helius Labs, a key contributor to Solana’s
maintenance and enhancement, clarified that the current network
challenges stem from implementing a specific protocol rather than
an inherent design flaw in Solana. solana’s current issue is not a
design flaw, it’s an implementation bug it is now hitting me that
some folks might not understand what we’ve been trying to say by
this for the past week I’ll simplify it (intended for non-technical
people) it is important to make this… pic.twitter.com/fNZzu9f90S —
mert | helius.dev (@0xMert_) April 8, 2024 Meanwhile, Solana’s open
interest in the futures sector, a metric used in derivatives
markets referring to the total number of outstanding contracts, has
experienced fluctuations in recent times. While it saw steady
growth from January to April, reaching an all-time high of $2.86
billion on April 1, recent network issues have led to a decline.
Coinglass data indicates that Solana’s open interest has fallen to
$2.4 billion since April 11, reflecting a 5% decline in just over a
week. Featured image from Unsplash, Chart from TradingView
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