Solana's SOL token nearly doubled to over $200 in the first quarter, since then the uptrend has lost steam, with pullbacks supported around $120. That has resulted in a so-called descending triangle pattern, comprising a downward sloping trendline, representing lower highs and a flat trendline, representing a solid support level. CoinDesk's Jennifer Sanasie presents the "Chart of the Day."
The chart of the day is presented by crypto.com, the leading crypto platform trusted by over 100 million users worldwide. Let's take a look at the chart of the day. According to fair lead strategies, there could be a potential triangle breakout for Solana's soul token which could be a catalyst for a renewed price rally. Seoul nearly doubled to over $200 in the first quarter. Since then, the uptrend has lost steam with Pullbacks supported around 100 and $20 that has resulted in a so called descending triangle pattern comprising a downward sloping trend line representing lower highs and a flat trend line representing a solid support level. The pattern indicates seller dominance hence a breakout represents renewed upside momentum. In a note to clients fair lead strategies. Analysts said they hold a neutral bias until a breakout unfolds. That's it for today's chart of the day. I'm Jen Sani. We'll see you next time to unpack more of the data behind top news stories.
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