CandleFocus Solana Price Eyes $500 Breakout Rally as Historical Reversal Pattern Emerges
2024-11-26
Author: Content Editor
The Solana price has experienced a broader market correction, falling below $250 this week. Sellers are now aiming for a prolonged breakdown of the $200 support. However, analysis of the weekly chart suggests the formation of a well-known reversal pattern called cup and handle, which indicates a period of consolidation followed by a gradual recovery. If the bearish momentum continues, the price could drop further and retest the $200 support. The exhausted bullish momentum suggests a higher chance of extended downfall. However, the weekly chart also predicts that a rebound is possible, with a potential target of $260 and even a surge to $510 in the future.
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