SOL price eyes 75% rally as Solana paints a bullish reversal pattern
SOL's interim upside target is near $47, up about 20% from its current price. Solana (SOL) continued its recovery trend on June 28 while inching closer to triggering a classic bullish reversal setup.SOL's price gained 2.42%, reaching an intraday high of $39.40. The SOL/USD pair is now up 50% as a part of a broader retracement move that began on June 14 after falling to lows of $26. SOL/USD daily price chart. Source: TradingViewSolana price eyes 75% rallyThe latest buying period in the Solana market has been painting what appears to be an "inverse head and shoulders pattern (IH&S)"....
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More bearish cues for SOL comes from a bull flag setup that's now breaking to the downside. A rebound move witnessed in the Solana (SOL) market this weekend exhausted midway as its price dropped below the $90 level from a high of $96 on Feb. 21. In doing so, SOL price technicals are now risking a classic bearish reversal setup.Solana price risks dropping to $60Dubbed head-and-shoulders (H&S), the technical pattern emerges when the price forms three peaks in a row atop a common support level (called a neckline). As it typically turns out, the pattern's middle peak, called a "head," comes....
Solana (SOL) has captured the attention of investors and analysts as its price charts form a distinctive falling wedge pattern. This technical formation, often seen as a potential trend reversal indicator, has stirred discussions about the future trajectory of SOL’s value. A falling wedge pattern is a common chart pattern in technical analysis, characterized by a contracting range between two trendlines that slope in the same direction. The upper trendline, representing the declining highs, converges with the lower trendline, formed by the decreasing lows. This pattern suggests a....
Ethereum attracted roughly 18.36 million new addresses to its network in 2021. Ethereum’s native token, Ether (ETH), could reach above $10,000 in the coming weeks as it paints what appears to be an “ascending triangle” technical pattern.Ether’s price technicals: Bullish signsAscending triangles are bullish continuation setups that appear during an uptrend. Analysts confirm their presence after the price rises upward inside a rising right-angle triangle structure, thus forming a sequence of lower highs on the lower trendline with resistance in place at the upper one. As the pattern....
But AVAX price is also forming a potential descending triangle that can spoil the upside chances. Avalanche (AVAX) shows signs of continuing its ongoing rebound move as it paints a classic bullish reversal pattern.AVAX price to $35?Dubbed as "double bottom," the pattern appears when the price establishes a support level, rebounds, corrects after finding a resistance level, pulls back toward the previous support and bounces back toward the resistance level to pursue a breakout.Since May 27, AVAX's price trends appear like those typically witnessed during the double bottom formation.....
Solana (SOL) has been navigating a challenging correction phase for approximately two months, during which its fortunes have ebbed and flowed. The most recent dip, occurring on Aug. 15, was a direct response to a sudden decline in the price of Bitcoin, sending shockwaves throughout the crypto market. However, a closer examination of Solana’s price chart reveals an emerging inverse head and shoulders pattern. For those unfamiliar with the inverse head and shoulders pattern, it is a technical chart formation that signals a potential trend reversal. It consists of three key components:....