CandleFocus Solana Tests Inverse Head and Shoulders Pattern: Is a Bullish Breakout on the Horizon?
2024-10-26
Author: Content Editor
According to crypto analyst The Moon, Solana (SOL) is showing an inverse head and shoulders pattern, indicating potential bullish momentum. The pattern suggests that buyers may push prices higher. Despite a small dip, Solana is showing signs of recovery and key levels, especially the neckline, are being watched closely. Breaking above the neckline often signals a shift in control from sellers to buyers, initiating an upward trend. Solana recently broke above the neckline, solidifying its bullish territory. The successful breakout could lead to further gains, with the next resistance level at $202.74. A retracement in price could bring the $165 neckline back into focus as potential support. Technical analysis projects an upward target of $200 to $205, confirming the bullish reversal signaled by the pattern. However, caution is recommended as recent technical indicators suggest possible short-term downward pressure.
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