Price Pattern That Triggered Solana’s (SOL) Last Massive Rally Reemerges: Will History Repeat?
A technical pattern has emerged in Solana’s price action. According to crypto analyst Trader Tardigrade, this pattern has triggered a massive rally for Solana in the past. The trader has spotted a similarity between SOL’s current market structure and a formation that previously preceded a significant rally.
Looking at Solana’s 3-day chart, a clear pattern emerges through two distinct trendlines. A long-term ascending support line, acting as a steady foundation for SOL’s price, has consistently provided a bounce zone during dips.
Meanwhile, a shorter-term resistance line creates downward pressure, forming a converging triangle pattern—a formation that traders often watch closely for potential breakout opportunities.
What you'll learn 👉
Historical Precedent
According to the analyst, what makes this pattern particularly noteworthy is its historical context. In 2023, Solana displayed an almost identical triangle formation. After a period of consolidation within these converging lines, SOL broke out dramatically to the upside, initiating a massive rally that significantly boosted its value.
Fast forward to 2024, and we’re seeing a similar setup. The same technical elements are in place—a tested support trendline and a converging resistance line forming another triangle pattern. This echo of the past formation has caught the attention of traders and analysts alike.
Read Also: Can Polkadot (DOT) Still Surge 22x to $150 in This Bull Run?
What Could This Mean? Will History Repeat?
While history doesn’t always repeat itself, the striking similarity between these patterns could spark considerable interest. The previous breakout led to a massive rally, and market participants would watch closely to see if SOL might follow a similar trajectory this time around.
However, it’s worth noting that technical patterns alone don’t determine market movements. External factors, including overall market conditions, trading volume, and broader crypto sentiment, all play crucial roles in determining price action.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
