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- Ethereum’s symmetrical triangle suggests an imminent breakout as it nears resistance.
- Solana’s bullish structure indicates potential acceleration upon clearing key resistance.
- Market volatility rises as Ethereum and Solana approach critical technical thresholds.
Raoul Pal, founder of Global Macro (BCBA:BMAm) Investor, pointed out that both Ethereum and Solana are approaching crucial price levels. These levels could signal major moves for both of these popular cryptocurrencies.
Ethereum’s price activity has formed a symmetrical triangle pattern on a logarithmic scale over several years. The price is currently near the apex of this formation, forming a series of higher lows against a descending resistance line.
Source: X
Meanwhile, Solana’s chart shows a bullish long-term structure that is nearing horizontal resistance. Pal said they may see accelerated movement if both assets break above their current resistance levels. However, data shows a period of heightened volatility and mixed signals in short-term price changes.
Ethereum Chart Formation
A symmetrical triangle is evident on the Ethereum (ETH) chart. This pattern consists of rising support, represented by a red upward-sloping trendline, and a downward-sloping white trendline acting as resistance.
As of the latest observations, Ethereum’s price is hovering near the apex of this triangular structure. The asset previously approached a local high of $3,938 before experiencing a pullback. Recent data placed ETH at around $3,867, down 1.86% in the last 24 hours.
Source: CoinMarketCap
Additionally, its market capitalization fell 2.05% to about $465.75 billion. Moreover, trading volume decreased by 22.31% to $51.10 billion.
Solana Resistance Levels
Solana (SOL) shows a chart pattern highlighting an ongoing bullish trend. The price recently hovered around $234.25, down 3.01% over the previous day. A horizontal resistance level sits near $268, coinciding with an earlier peak.
Source: CoinMarketCap
Over the same 24-hour period, its trading volume rose 7.70% to $8.57 billion. The asset’s circulating supply was around 475.33 million SOL out of a total of 589.55 million.
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