SOL expects a big move, but will the bulls take control?

SOL expects a big move, but will the bulls take control?

Key Support Level: $142

Key resistance level: $170

Solana (SOL) has been consolidating within the blue pennant since September 9, when the price hit an all-time high of $216. SOL now appears ready to break out of this formation. The battle between bulls and bears will be decided once the price crosses key resistance ($170) or support ($140) levels. Tension builds for an eventual breakout as price approaches the top of the triangle.

Chart according to TradingView

Technical indicators

Volume:Volume has been constant since entering the current pennant. The next move can be made in either direction at this point.

RSI:The RSI is giving a slight bullish bias due to the higher lows. However, it also needs to register a higher high before the uptrend is confirmed.

MACD:The MACD histogram is bullish, but the moving averages have not yet formed a bullish cross. Once this happens, the trend can turn positive, especially if the price breaks above the blue pennant.

Chart according to TradingView

Bias

Neutral. It is always best to wait for a break above or below the pennant before adopting a narrative. Therefore, despite some initial signs that SOL could turn bullish, this trend must first be confirmed with a clear break from the pennant.

Short term price prediction for SOL price

It is likely that SOL will break out of this formation before the end of October. The targets for such an event are stated at the beginning of this analysis for either bullish or bearish. A clean break above these levels could lead to a strong rally or correction depending on how the market reacts.

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