Solana price poised for a 10% rally

Solana price breaks out of the descending channel pattern, signaling a bullish move. Sideline buyers can accumulate SOL at the trendline retest level of around $132.34. A daily candlestick close below $122.00 would invalidate the bullish thesis. Solana 's price has broken out from the descending channel pattern on Tuesday and currently trades 3.5% above the breakout point. Investors on the sidelines seeking entry points can consider buying near the trendline retest level around $132.

The Relative Strength Index on the daily chart is rising from an oversold condition and looking to break above the mean value of 50. However, the Awesome Oscillator indicator is still below the mean zero level. If bulls are indeed making a comeback, then both momentum indicators must maintain their positions above their respective neutrality levels. This development would provide additional momentum to the ongoing recovery rally.

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