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Here’s what Solana’s latest bullish pattern means as demand hikes

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

Solana maintained a bullish market structure on the 4-hour chart
Strong gains on the OBV indicator meant buying pressure was steady

Solana [SOL] saw a large influx of buyers over the past five days. The price was at $22.6 on 7 August and saw a rally, trading at $24.8 at press time. The price action showed that further gains were likely, although a significant obstacle sat in the $25.5-$25.7 area.

How much are 1, 10, or 100 SOL worth today?

It is likely that SOL would breach this resistance, especially if Bitcoin [BTC] does not fall below $29.2k. From a higher timeframe point of view, Solana remains firmly bullish, and its strong bounce from just above the $22-level seems to indicate enthusiastic buyers.

Ascending triangle pattern showed a move to $25.7 is likely

Source: SOL/USDT on TradingView

The green line at $23.5 outlined the bullish market structure break Solana saw on the price chart last week. The structure remained bullish and SOL formed a series of higher lows over the past five days. The recent price action saw an ascending triangle pattern (orange) develop.

Combined with the bullish structure, it highlighted that buyers were heavily favoured and another move north is imminent. The OBV seemed to be surging higher, underlining significant demand and reinforcing the idea of further gains for SOL.

The RSI signalled that bullish momentum held sway. The trading volume declined during the time SOL was within the triangle pattern. While an upward breakout was the expectation, a bearish move cannot be discounted. However, the evidence at hand supported the bulls.