The Tribes

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SOL/USDT

The bears tried to sink the price below the support line on Aug. 3 but the bulls defended the level successfully. Solana (SOL) formed an inside-day candlestick pattern on Aug. 4, which resolved to the upside on Aug. 5.

If buyers sustain the price above the 20-day EMA ($40), the SOL/USDT pair could climb to $44 and then retest the stiff overhead resistance at $48. The bulls will have to clear this hurdle to signal the formation of an ascending triangle pattern. This bullish setup has a target objective of $71.

Contrary to this assumption, if the price turns down and breaks below the support line, the bullish setup will be invalidated. The pair could then slide toward the strong support at $31.

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