Can Solana Make a New Breakout According to Stair Steps Pattern?
Updated
Solana has formed a multi-step stair pattern since late 2022 on the two-hour chart. Each step of this stair consists of a higher high, a higher low and a consolidation move followed by a breakout above the higher high accompanied by a significant spike in trading volumes within each step. Any confirmed breakout above the higher high of each step will be followed by the formation of a new step on the stair.
Solana has now managed to break through to the higher high of the fourth step, and it may head to the formation of the fifth step of the stair. We should see a new decline in the price that does not reach the levels of the previous fourth step, and then we should witness a breakout above the higher high in the fifth step, accompanied by a significant spike in trading volumes, which could pave the way towards targeting 21.52-23.03 (of Fibonacci extension levels).
In the opposite case, a pullback below 17.56 could invalidate the previous hypothesis.
Solana has now managed to break through to the higher high of the fourth step, and it may head to the formation of the fifth step of the stair. We should see a new decline in the price that does not reach the levels of the previous fourth step, and then we should witness a breakout above the higher high in the fifth step, accompanied by a significant spike in trading volumes, which could pave the way towards targeting 21.52-23.03 (of Fibonacci extension levels).
In the opposite case, a pullback below 17.56 could invalidate the previous hypothesis.
Note
Solana reached the target area directly even without a fifth step formation :)Trade active
A new stair step formed way above the others?Breakout point: 25.20.
Possible breakout target area: 29.62-32.15.
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