{"id":9286,"date":"2021-10-19T00:09:04","date_gmt":"2021-10-19T04:09:04","guid":{"rendered":"https:\/\/morpheustrading.com\/blog\/?p=9286"},"modified":"2022-04-06T15:03:35","modified_gmt":"2022-04-06T19:03:35","slug":"sol-pennant-breakout","status":"publish","type":"post","link":"https:\/\/morpheustrading.com\/blog\/sol-pennant-breakout\/","title":{"rendered":"Crypto Trade Signal: $SOL Setup for Bull Pennant Breakout"},"content":{"rendered":"\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><a href=\"https:\/\/www.morpheustrading.com\/~rick\/\/charts\/2021\/SOL-header.jpeg\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" src=\"https:\/\/www.morpheustrading.com\/~rick\/\/charts\/2021\/SOL-header.jpeg\" alt=\"\" title=\"\"><\/a><\/figure><\/div>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">TABLE OF CONTENTS<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/morpheustrading.com\/blog\/sol-pennant-breakout\/#Leading_crypto_altcoin_Solana_is_now_setting_up_for_ideal_buy_entry_after_pulling_back_from_the_highs_of_an_explosive_rally_Heres_how_to_trade_this_hot_crypto_trade_signal_for_maximum_profits_with_a_low-risk_entry_point\" >Leading crypto altcoin Solana is now setting up for ideal buy entry after pulling back from the highs of an explosive rally. Here&#8217;s how to trade this hot crypto trade signal for maximum profits with a low-risk entry point.<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/morpheustrading.com\/blog\/sol-pennant-breakout\/#SOL_%E2%80%93_Former_leader_ready_to_return_to_the_spotlight\" >$SOL &#8211; Former leader ready to return to the spotlight<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/morpheustrading.com\/blog\/sol-pennant-breakout\/#Buy_trigger_for_entry\" >Buy trigger for entry<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/morpheustrading.com\/blog\/sol-pennant-breakout\/#Patience_Pays\" >Patience Pays<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Leading_crypto_altcoin_Solana_is_now_setting_up_for_ideal_buy_entry_after_pulling_back_from_the_highs_of_an_explosive_rally_Heres_how_to_trade_this_hot_crypto_trade_signal_for_maximum_profits_with_a_low-risk_entry_point\"><\/span>Leading crypto altcoin Solana is now setting up for ideal buy entry after pulling back from the highs of an explosive rally. Here&#8217;s how to trade this hot crypto trade signal for maximum profits with a low-risk entry point.<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In our <a href=\"https:\/\/new.morpheustrading.com\/blog\/btc-dominance\" target=\"_blank\" rel=\"noreferrer noopener\">October 10 post,<\/a> we showed you how the Bitcoin Dominance Index ($BTC.D) was reversing higher after finding a double bottom at its May lows.<\/p>\n\n\n\n<p>This rising market dominance of Bitcoin over the past few weeks has caused most altcoins to correct substantially off their recent highs (as $BTC conversely nears its all-time high).<\/p>\n\n\n\n<p>However, typical crypto market cycles indicate that funds will likely rotate back into the altcoin market when $BTC eventually pulls back or enters significant consolidation.<\/p>\n\n\n\n<p>When that happens,<strong> there may be another wave of massive rallies in leading altcoins.<\/strong><\/p>\n\n\n\n<p>As such, now is a fantastic time to build your watchlist of potential cryptos to buy when Bitcoin Dominance Index starts heading back down.<\/p>\n\n\n\n<p>Continue reading for a <strong>quick walk-through of a top crypto trade setup in Solana ($SOL)<\/strong>, which may soon break out from a popular bullish chart pattern.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"SOL_%E2%80%93_Former_leader_ready_to_return_to_the_spotlight\"><\/span>$SOL &#8211; Former leader ready to return to the spotlight<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Solana, a fast-growing blockchain that aims to compete with Ethereum, was a monster winner this past summer.<\/p>\n\n\n\n<p>After breaking out to a new all-time high on August 16, $SOL exploded nearly 300% higher over the next four-weeks:<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large is-resized\"><a href=\"https:\/\/www.morpheustrading.com\/~rick\/\/charts\/2021\/SOLweekly1018.png\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.morpheustrading.com\/~rick\/\/charts\/2021\/SOLweekly1018.png\" alt=\"\" width=\"728\" height=\"471\" title=\"\"><\/a><figcaption><em>Press image to view full-sized chart<\/em><\/figcaption><\/figure><\/div>\n\n\n\n<p>If you&#8217;re a follower of this blog, recall that we actually <a href=\"https:\/\/new.morpheustrading.com\/blog\/4-leading-a\/AA\" target=\"_blank\" rel=\"noreferrer noopener\">alerted you<\/a> to that original $SOL buy setup on the <em>same day<\/em> that massive breakout began.<\/p>\n\n\n\n<p>But don&#8217;t fret if you missed that monster move<strong>.<\/strong><\/p>\n\n\n\n<p>The current pullback in Solana may provide you with a <strong>low-risk buy entry to ride the next wave up.<\/strong><\/p>\n\n\n\n<p>Check out the current crypto swing trade setup on the annotated daily chart of $SOL below:<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large is-resized\"><a href=\"https:\/\/www.morpheustrading.com\/~rick\/\/charts\/2021\/SOL1018.png\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.morpheustrading.com\/~rick\/\/charts\/2021\/SOL1018.png\" alt=\"\" width=\"728\" height=\"471\" title=\"\"><\/a><figcaption><em>Press image to view full-sized chart<\/em><\/figcaption><\/figure><\/div>\n\n\n\n<p>The pullback and subsequent price consolidation of $SOL over the past month has formed a <a href=\"https:\/\/www.investopedia.com\/terms\/p\/pennant.asp\" target=\"_blank\" rel=\"noreferrer noopener\">bull pennant pattern<\/a> on the daily chart.<\/p>\n\n\n\n<p>Declining volume during this period tells us there has been no heavy selling during the correction.<\/p>\n\n\n\n<p>$SOL also has been holding firmly at intermediate-term support of its 50-day moving average, a <a href=\"https:\/\/new.morpheustrading.com\/blog\/buy-50-day-ma\/\" target=\"_blank\" rel=\"noreferrer noopener\">powerful technical indicator<\/a> used by many institutions.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Buy_trigger_for_entry\"><\/span>Buy trigger for entry<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>We bought $SOL in the Morpheus Crypt portfolio on October 12, after the price formed a bullish reversal bar off the 50-day moving average (+7% gain currently).<\/p>\n\n\n\n<p>If you&#8217;re not a <em><strong><a href=\"https:\/\/morpheustrading.com\/services\/crypto-picks\" target=\"_blank\" rel=\"noreferrer noopener\">Morpheus Crypto<\/a> <\/strong><\/em>member and missed that first entry, the next buy trigger is above the October 16 swing high (around $168.50).<\/p>\n\n\n\n<p>A move above this level should spark a breakout above upper channel resistance of the  bull pennant pattern.<\/p>\n\n\n\n<p>If volume is strong, <strong>bullish momentum could propel Solana back to a test of its all-time high <\/strong>pretty quickly.<\/p>\n\n\n\n<p>Look for a significant volume surge to help confirm a potential breakout.<\/p>\n\n\n\n<p>As always, be sure to set a protective stop to limit risk in case of a failed breakout.<\/p>\n\n\n\n<p>Our exact stop price is only available to <a href=\"https:\/\/morpheustrading.com\/services\/crypto-picks\" target=\"_blank\" rel=\"noreferrer noopener\">subscribers<\/a>, but you would want to exit quickly if the 50-day moving average and lower channel of the pennant fail to hold as support.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Patience_Pays\"><\/span>Patience Pays<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>With Bitcoin currently less than 5% below its all-time high, we may not see a significant decline in the Bitcoin Dominance Index any time soon.<\/p>\n\n\n\n<p>As such, major upward price movement in most altcoins now (including Solana) may take a bit of time.<\/p>\n\n\n\n<p>However, look for altcoins to quickly return in favor whenever Bitcoin eventually pulls back or enters a meaningful period of price consolidation.<\/p>\n\n\n\n<p>When that happens, <strong>$SOL could once again take center stage <\/strong>and resume its dominant uptrend to blue sky territory again.<\/p>\n\n\n\n<p>Don&#8217;t miss it!<\/p>\n\n\n\n<p><em>Become a <a href=\"https:\/\/morpheustrading.com\/services\/crypto-picks\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Morpheus Crypto<\/strong><\/a> member now to be instantly alerted to our hottest crypto swing trade setups, including exact entry and stop prices.<\/em> <em>Also receive access to our live Crypto Trading Room with Morpheus Crypto PRO.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Leading crypto altcoin Solana is now setting up for ideal buy entry after pulling back from the highs of an explosive rally. Here&#8217;s how to trade this hot crypto trade signal for maximum profits with a low-risk entry point. In our October 10 post, we showed you how the Bitcoin Dominance Index ($BTC.D) was reversing [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[772],"tags":[],"class_list":["post-9286","post","type-post","status-publish","format-standard","hentry","category-crypto-trading-strategy"],"_links":{"self":[{"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/posts\/9286","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/comments?post=9286"}],"version-history":[{"count":6,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/posts\/9286\/revisions"}],"predecessor-version":[{"id":9438,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/posts\/9286\/revisions\/9438"}],"wp:attachment":[{"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/media?parent=9286"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/categories?post=9286"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/tags?post=9286"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}