What’s next for SOL Investors?
Trader and market analyst Peter Brandt provided valuable perspective on Solana (SOL)’s recent price action, suggesting the completion of a notable chart pattern. In particular, Brandt noted a descending triangle pattern forming on Solana’s four-hour price chart. Related read: Paradigm raises $225 million in funding for Monad Labs, a blockchain competing with Ethereum. Solana has identified a chart pattern for SOL and its significance. The descending triangle pattern, identified with lower highs and horizontal support, is often interpreted in technical analysis as a signal of: Potential downtrend continues. Brandt’s recent post highlighted the completion of this pattern, highlighting an important development for SOL traders. Brandt’s analysis extends beyond simple pattern identification. He emphasizes the importance of pattern verification over pattern completion. According to Brandt, the failure of a pattern to perform its expected role has implications beyond mere completion. Now that a descending triangle pattern has been confirmed for SOL, the expectations of market participants are evident as they await a potential price move, either upward or downward. The descending triangle is complete at $SOL. I am only the messenger, not the message. Remember. Pattern failure (doing what you’re supposed to do according to the classic rules) is more important than pattern completion. pic.twitter.com/ezershgA5A — Peter Brandt (@PeterLBrandt) April 10, 2024 Solana network issues amid price fluctuations Solana’s price performance has fluctuated over the past week, but recent network issues have made the asset’s situation more complicated. Despite a 12.7% drop in SOL value over the past week, there has been a slight increase of 4% in the last 24 hours. However, persistent network congestion caused failures. Solana developers are actively addressing these issues in an effort to resolve the network congestion that occurred on April 15th. Mert Mumtaz, CEO of Helius Labs, a key contributor to Solana’s maintenance and improvement, said that current network problems stem from implementing a specific protocol, not the implementation of a specific protocol. More so than Solana’s inherent design flaws. Solana’s current problems are not design flaws but implementation bugs. It’s hitting me that some people might not understand what we were trying to say last week. I’ll keep it simple (this is for non-technical people). ) It is important to make this… pic.twitter.com/fNZzu9f90S — mert | helius.dev (@0xMert_) April 8, 2024 Meanwhile, Solana’s open interest on the futures segment (a metric used in derivatives markets that refers to the total number of open interests) has recently experienced volatility. It showed steady growth from January to April, reaching an all-time high of $2.86 billion on April 1, but recently saw a decline due to network issues. According to Coinglass data, Solana’s open interest has decreased to $2.4 billion since April 11, reflecting a 5% decline in just one week. Featured image by Unsplash, chart by TradingView
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