Taking a closer look at the daily time frame chart, the Solana price shows the formation of a double bottom pattern. This pattern often manifests itself at the market bottom, indicating a strong potential for an upward movement in prices. The double bottom consists of two successive troughs, both supported by a common price level – in this case, the $22.4 mark. Here are the potential targets if the chart pattern gets complete.
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On August 7, the coin price experienced a notable reversal from the $22.4 support level. This reversal led to an impressive 9% surge, propelling the SOL price value to its current trading price of $24.45. This swift turnaround can be attributed to the bullish sentiment generated by the double-bottom pattern formation.
The current chart setup hints at a possible 5.8% price rise for SOL, bringing it closer to testing the resistance at $25.7. A successful breach here would indicate a bullish breakout, potentially triggering stronger buying activity and driving the price toward the $29 to $30 range, and followed by $32.
In the daily time frame chart, the Solana price has started to project higher upside wicks and short bodies, indicating the weakening of bullish momentum. If the altcoin approaches $25.7 and witnesses additional supply pressure, the price trend may turn sideways and create a narrow range for a few trading sessions. This consolidation may remove the weak and trigger a direction movement.
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