The digital coin Solana (SOL) seems poised for a remarkable technical surge, as its recent price fluctuations have culminated in a compelling chart pattern. A recognized bullish pattern has emerged, and if substantiated, it could propel the coin’s value to a peak not witnessed in recent weeks. This intriguing twist was spotlighted by well-known crypto analyst Titan of Crypto on social media platform X.
Like most large market-cap cryptocurrencies, Solana has been plagued by a series of price declines since February end. In Solana’s case, this downturn has extended back to January when it hit an all-time high of $293 amid the hype surrounding the Official Trump meme coin. Since then, Solana has seen a significant correction, even plummeting to a low of $97 on April 7.
The price fluctuations preceding and following this $97 low have resulted in an intriguing formation on the 4-hour candlestick timeframe chart. As pointed out by Titan of Crypto, this formation alone could potentially catapult Solana back to the $143 region.
A distinct inverse head and shoulders pattern, known for its reliability in indicating a shift from a downtrend to a bullish surge, lies at the heart of the recent positive prediction. The left shoulder of the pattern started forming in early April as Solana tried to bounce back from below $110 levels. The subsequent fall to the $96 bottom on April 7 shaped the head of the structure. A recovery commenced from there as buyers cautiously reentered the market, giving rise to the right shoulder.
The resistance neckline has broken out in the past 24 hours. Keeping that in mind, Titan of Crypto forecasts that $143 becomes the next plausible target based on the measured move from the head to the neckline.
Looking at the chart shared by the analyst, the momentum behind Solana’s price movement seems to be accelerating. Trading volume, a crucial metric for assessing the strength of a breakout, seems to validate the recent breakout above the neckline, especially as Solana has witnessed a 5.3% price surge in the past 24 hours, with trading volume escalating by 3.76% within the same period to $4.21 billion.
While a minor consolidation or throwback just above the neckline is common, the predicted trajectory suggests continued upside as long as the price action stays above this crucial breakout zone. As of writing, Solana is trading at $129, 10% distant from this inverse head-and-shoulder target. A leap to $143 would not only signify a notable recovery from April’s lows but could also enhance the confidence in Solana’s price direction heading into Q2. The subsequent outlook depends on the overall market sentiment after hitting the $143 target.
