Bullish Pattern in Play Sets SOL Price Recovery to Hit $25 – Crypto News – Crypto News
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Bullish Pattern in Play Sets SOL Price Recovery to Hit $25 – Crypto News

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A breakout from inverted head and shoulder pattern sets a prolonged recovery in SOL price; ready to buy?

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Throughout September, the SOL price has traded sideways, wavering around the $19 mark. While this consolidation reflected no progress in either direction, a look at the daily time frame chart shows the formation of a bullish reversal pattern called inverted Head and Shoulder. Amid the recent uptick in the crypto market, the crypto buyers have provided a bullish breakout from this pattern’s neckline, indicating the potential for further gains.

Also Read: Vitalik Buterin Charts Path to Decentralized Ethereum Staking

Will SOL Price Recovery Extend to $25?

  • Completion of an inverted head and shoulder pattern set the SOL price to rally to $25
  • The reclaimed 20-and-50-day EMA could offer buyers additional support to lead a recovery rally.
  • The 24-hour trading volume on the Solana coin is $161.4 Million, indicating a 13% gain.

SOL PriceSOL PriceSource-Tradingview

With an intraday gain of 6.85%, the Solana price gives a decisive breakout from the neckline resistance of inverted head and shoulder patterns. This chart pattern is often spotted at market bottoms and would reflect an early sign of a bullish reversal. 

By the price time, the coin price trades at $21.65. The breakout backed by increasing volume reflects the seller’s commitment for a bullish recovery. If the coin price sustains above the breached level, the buyers would obtain suitable support from this level to bolster further rally,

The post-breakout rally would likely surge the prices 17% higher to reach the $25 mark. A look at the bigger picture shows the SOL price has been riding a recovery trend since January 1st under the influence of a rising channel pattern. Until this pattern’s support trendline is intact, the altcoin is prevented from a major correction.

SOL vs ETH vs BTC Performance

SOL priceSOL priceSource: Coingape| Solana Vs Bitcoin Vs Ethereum Price

Comparing the last three months’ price data between Solana, Ethereum, and Bitcoin, it seems the SOL price has been under a steady downward trajectory since mid-July. The formation of new lower lows and lower highs reflect the downward trajectory is intact. However, the top-leading cryptocurrency Bitcoin and Ethereum has been trading majorly

  • Average directional index: an ADX slope uptick aligned with the aforementioned breakout candle, reflecting the buyers have enough strength to loot a further rally.
  • Exponential Moving Average: The 200-day EMA resistance wavering around $22.2 creates a high supply zone.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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