- Despite the approval of the spot ETH ETF, the cryptocurrency market traded lower on Friday.
- Solana (SOL) has lost 12.38% since the week’s start and 5.63% within the past 24 hours, indicating increased selling pressure.
- SOL has formed a symmetric triangle pattern in the 1D time frame but failed to breach its resistance trendline, resulting in a strong bearish reversal.
The cryptocurrency market experienced bearish price action on Friday, despite the highly anticipated approval of the spot ETH ETF.
This bearish sentiment suggests a prevalence of short selling in the market. However, Ethereum, the leading altcoin, managed to maintain its price above the $3,650 mark, indicating a persistent bullish sentiment within the Ethereum ecosystem.
In contrast, Solana (SOL) has been grappling with a bearish price action since the beginning of the week, resulting in a 12.38% loss during this period. As the cryptocurrency market navigates through increased volatility and the potential onset of an AltSeason, the question arises: Will Solana be able to reclaim the $200 mark in the second quarter of the year?
Solana Forms a Symmetric Triangle Pattern
Despite the heightened volatility in the crypto market, Solana’s price has experienced a correction of 5.63% within the past 24 hours. Furthermore, the altcoin has shed approximately 2% over the past seven days, highlighting the increased selling pressure on the SOL token.
On a positive note, SOL has formed a symmetric triangle pattern in the 1D time frame and continues to trade within its boundaries. However, the altcoin’s attempt to breach its resistance trendline was met with failure, resulting in a strong bearish reversal on the chart.
Solana’s Price Recovery Prospects
Solana’s future price trajectory largely depends on its ability to hold above the current support zone. If the market manages to maintain SOL’s price above this crucial level, the altcoin may retest its resistance level of $180.75.
Furthermore, if the bulls successfully breach the resistance trendline of the symmetric triangle, Solana’s price could potentially target its yearly high of $204.75 in the coming weeks.
On the flip side, if the bulls fail to regain momentum and the bears continue to exert their dominance, Solana’s price may test its support level of $155.25. In a worst-case scenario, if the bears maintain their grip on the market, SOL could plunge further, potentially reaching its lower support trendline in the near future.
