Price Analysis

Solana Price Path to $30; Double Bottom Pattern Sparks Bullish Upswing

The development of a double bottom pattern set the Solana price for an upswing to $30.
Published by
Solana Price Path to $30; Double Bottom Pattern Sparks Bullish Upswing

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. 

Also Read: Digital Asset Outflows Surge, Solana And XRP Lead Impressive Weekly Inflows

Advertisement

Solana Price Daily Chart

  • The formation of a double bottom pattern indicates the market participants are taking heed of the accumulation potential and positioning themselves for potential gains
  • The SOL price may witness high supply pressure at the $25.7 resistance
  • The 24-hour trading volume on the Solana coin is $315.5 Million, indicating a 5.7% gain.

Source-Tradingview

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.

Advertisement

What if SOL Price Witness Higher Selling Pressure?

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.

  • Bowling band: The Bollinger Band indicator going flattish accentuates a sideways or no directional bias in the market right now.
  • Relative Strength Index: The daily RSI slope potential rise above 50% indicates a suitable scenario for a bullish upswing.
Advertisement

Share
Brian Bollinger

From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • Price Analysis

Solana Price Eyes 56% Rebound Amid Solana Company’s Massive $530M SOL Acquisition

Following a 3.57% daily rise, Solana price has regained upward traction amid renewed institutional interest…

October 7, 2025
  • Price Analysis

Ethereum’s Price Bullish Cycle Resumes as Grayscale Launches Spot Staking ETPs – Is $7,331 Next?

The Ethereum price continues to attract significant attention after reclaiming a crucial resistance level, reinforcing…

October 6, 2025
  • Price Analysis

Pi Network Price Risky Pattern Points to Crash as 14M Coins Leave OKX

The Pi Network price has been left behind in the ongoing crypto market bull run.…

October 6, 2025
  • Price Analysis

Bitcoin Price Prediction as Exchange Reserves Hit 6-Year Low—Is $150K Within Reach?

The Bitcoin price continues to show renewed strength after breaking through a crucial chart structure…

October 6, 2025
  • Price Analysis

Dogecoin Price Rebounds 15% From Buy Zone as Whales Add 30M DOGE – Can Bulls Push Beyond $0.30?

The Dogecoin price has recently shown renewed strength after a sustained period of consolidation. The…

October 5, 2025
  • Price Analysis

FLOKI Price Prediction as ETP Listing Drives Adoption—Is a 160% Rally Ahead?

Floki price has drawn strong attention after recording a bullish daily surge of over 30%.…

October 4, 2025