Crypto: Is Solana Ready To Continue Its Rise? Technical Analysis From October 16, 2024
The cryptocurrency market is on the rise, with Solana rebounding 17% in a week. Let’s examine the upcoming prospects for SOL’s price.
Situation of Solana (SOL)
After plunging to around $110 following the overall downturn in the crypto market, Solana has rebounded to reach a new peak around $164. Unfortunately, the crypto has not managed to break this key level despite several attempts. However, it seems that bullish pressure is increasing as SOL’s price forms higher lows. Indeed, we can note the support at $120 and, more recently, at $133. All these fluctuations have formed an “inverse head and shoulders” pattern, a chart pattern suggesting a possible breakout of the resistance.
At the time of writing,…
