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Solana risks 35% price crash with SOL price chart 'megaphone' pattern

Published 04/09/2022, 10:26 AM
Updated 04/09/2022, 12:00 PM
Solana risks 35% price crash with SOL price chart 'megaphone' pattern

Solana (SOL) risks crashing 35% in the coming days as it comes closer to painting a so-called "megaphone" pattern.

In detail, megaphone setups consist of a minimum of lower lows and two higher highs and form during a period of high market volatility. But generally, these patterns consist of five consecutive swings, with the final one typically acting as a breakout signal.

SOL/USD weekly price chart featuring 'megaphone' breakout scenario. Source: TradingView
SOL/USD weekly price chart featuring 50-week EMA and rising trendline support. Source: TradingView
SOL/USD weekly price chart featuring bear flag/rising wedge scenario. Source: TradingView

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