Solana Price Prediction: Bullish Pattern in Play Hints $SOL Recovery to Extend 20% More

Solana Price Prediction: Embracing the tradition of “Uptober,” the SOL coin price exhibited a notable rebound from the $20 psychological mark. Within two weeks, the asset has climbed from $21.1 to its current trading price of $26.19, marking a total gain of 28%. Adding fuel to this rally, the coin decisively broke above the neckline resistance of an inverted head-and-shoulders pattern, a bullish reversal formation that bolsters a significant bullish recovery.

Also Read: Solana Surprises with 10% Jump, Next SOL Price Target $30

Will SOL  Surpass the $30 Mark?

• Under the influence of an inverted H&S pattern, the SOL price recovery is likely to be $32
• The midline of the Bollinger band indicator acts as dynamic support for rising price
• The 24-hour trading volume on the Solana coin is $604 Million, indicating a 16% gain.

Source-Tradingview

Amid increasing bullish sentiment across the crypto space, the Solana price extended its recovery that began in mid-September. As per technical analysis, the formation of an inverted head-and-shoulders pattern has played a significant role in this rally. 

Such patterns are commonly seen at major market bottoms and signify key turning points in trends. On October 19th, the SOL coin price punctured through the pattern’s neckline resistance at approximately $24.6. 

Currently trading at $26.9 with an intraday gain of 8%, the coin is showing a strong follow-up to this breakout. The persistent buying pressure suggests the price could extend its rally to $32, offering a prospective gain of 20%. 

In the last five weeks’ rally, the SOL price experienced two pullbacks, each retracting nearly 50% of the preceding gains. Traders should therefore consider this 50% retracement level as a potential safety net for any upcoming pullbacks.

[converter id=”sol-solana” url=”https://coingape.com/price/converter/sol-to-usd/?amount=1″]

SOL Recovery Outperforms BTC

Source: Coingape| Solana Vs Bitcoin Price

A three-month performance analysis reveals that the Solana price recovery has outpaced Bitcoin, the largest cryptocurrency by market cap. Since mid-September, the SOL price has demonstrated a robust pattern of higher highs and higher lows, whereas the Bitcoin price has seen a more modest uptrend.

• Bollinger Band: An upswing in the upper band of Bollinger band indicators shows aggressive bullish momentum.
• Average Directional Index: The ADX slope at 27% indicates the buyers have enough strength to prolong the current recovery.