Veteran Trader Peter Brandt Spots Epic Solana (SOL) Pattern, Why It Matters

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Famous trader and market expert Peter Brandt has shared his thoughts on Solana’s recent price movements, implying that a chart pattern may be nearing its end.

Due to the market’s instability, Solana’s recent price fluctuations have sparked concerns over its immediate pricing trend. A triangular pattern identified by technical experts, such as Brandt, has emerged and is cause for concern.

Recently, Brandt highlighted an interesting occurrence on Solana’s (SOL) four-hour price chart through a tweet – specifically, the formation of a triangular pattern indicative of a potential price decline.

A triangle with downward-sloping sides has formed in the price chart of $SOL. I’m just here to relay the information, not to interpret or influence it in any way. It’s crucial to note that the failure of a pattern (not following through as expected based on traditional rules) holds more significance than its completion.— Peter Brandt (@PeterLBrandt) April 10, 2024

Triangles that point downward in the context of technical analysis hold importance. They frequently indicate a trend’s persistence in going down.

A descending triangle pattern is a frequent chart designation featuring decreasing peaks and a flat resistance level. Occasionally, this support may appear robust, prompting the price to rebound and mount a powerful advance.

Based on Brandt’s analysis, the SOL pattern is now finished. Market players are keeping a close eye on it, anxious for any signs of price fluctuations, be it an increase or a decrease.

However, Brandt’s insights delve deeper than the mere formation of the pattern. He emphasizes that the validation of this pattern holds more weight than its completion. According to the legendary trader, a pattern failure (to do what it is supposed to do under classical rules) is more important than completing the pattern itself.

Currently, Solana (SOL) has risen by 1.73% within the last 24 hours, reaching $173. This marks a recovery from its April 10 low of $162. Looking ahead, if SOL manages to surpass the $184 mark, there’s potential for further growth towards $200 and beyond. However, it is essential to note that the daily moving average (50 MA) at $173, which has bolstered SOL’s price since late 2023, acts as a significant barrier of support.

During Solana’s journey in the cryptocurrency world, investors will keep a close eye on its price fluctuations. This heightened interest comes following the completion of a descending triangle formation on its chart.

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2024-04-11 15:34