Sign Up on MEXCSolana Price Analysis: Bullish Pattern Sets $SOL Price Next Target to $24
Solana Price Analysis: As the crypto market reflects a lack of initiation from buyers or sellers for trend control, the Solana price witnessed a sideways trend for nearly a month. However, a closer look at the lower time frame of 4 hours, the coin price revealed the formation of an inverted head and shoulder pattern. This pattern creates an important pivot point for trend reversal and offers a long entry opportunity for interest traders before a significant rally.
Also Read: Solana Price Prediction: SOL Price May See a 30% Upswing if these Conditions are Met
Solana Price Daily Chart
- A bullish breakout from the inverted H&S pattern bolsters SOL price for a 12% jump
- An uptick in the ADX indicator at 20% reflects the strength in buyers to lead a significant upswing
- The 24-hour trading volume in the Solana coin is $250.5 Million, indicating a 59% gain.
Source-Tradingview
Today, with a 4% Jump, the Solana coin price shows a massive breakout from the neckline resistance(orange) of the inverted H&S pattern. The breakout is backed by rising volume and some follow-up green candles reflect the buyer’s conviction to reclaim lost ground.
By the press time, the Solana price trades at the $22 mark, but the market participant can expect a minor pullback where the coin retests the breach trendline. The potential retest will validate that the buyers can sustain the higher levels.
This retest will also be the entry opportunity for potential buyers after which the price is expected to rally to 12% to hit the $24 mark.
In case, the daily candle plunges below the neckline resistance the bullish thesis will get invalidated.
Will Solana Price Poke $24?
In theory, the potential target for the inverted head and shoulder pattern is the distance between the head’s low and neckline shot from the breakout point. Thus, with sustained buying, the SOL price is likely to hit $24, facing an in-between hurdle of $23.
- DMI: A massive spread between the DI+ and DI- slope reflects a positive trend sentiment for the Solana coin
- Exponential Moving Average: With the recent growth, the buyers reclaimed daily EMAs(20, 50, 100) offering additional support for the coin price to hold higher.
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