SOL price Eyes 75% Rally Solana paints Bullish Reversal Pattern: Solana (SOL) Continued its recovery course on June 28th.
The SOL price rose 2.42% to an intraday high of $ 39.40, while the SOL / USD pair is now up 50%. Extensive retracement action It dropped to $ 26 on June 14th.
Solana prices have risen 75%
The latest buy-in period in the Solana market is “as it appears”.Reverse Head and Shoulder System (IH&S)”Method.
When setting the price of three tanks in a row below the general support trendline known as the “neckline”, a positive reverse pattern appears. The middle tank, called the “head”, is always deeper than the other two tanks, called the shoulders.
The IH&S system will be resolved after the price breaks above the neckline level. Also, as a rule of thumb for technical analysis, the profit target of the shape is equal to the maximum distance between the lowest point of the head and the neckline.
Suppose SOL breaks above its neckline resistance of $ 41.50. Later, opportunities to pursue bullish restructuring About 83.5%Its reverse target is over $ 68, 75% higher than today’s price.
Intermediate resistance levels
At the confluence of technical resistance levels, including the 50-day high-moving average (50-day EMA; red wave) and the support-back-resistance line, Solana’s path for $ 68 may face obstacles. Both resistance levels are about $ 47.
SOL risks exhausting its IH&S breakout, in turn, “Bear flag system
As a result, SOL’s negative target will be in the range of approximately $ 23- $ 30 depending on its breakdown point.
In a similar setting, the independent market analyst expects the price of PostyXBT SOL to reach $ 47.
$ SOL Idea
– Higher Low & S / R Flip
– $ BTC Still not pushed over $ 23k
– Run a short-term course until invalid
– At least size is a concern
No rush to enter current price. If I’ve not filled in a little less, so be it. pic.twitter.com/IgZbeBAq40
– Posty (ostPostyXBT) June 28, 2022
Nonetheless, declining levels are worrying, so traders should play the short-term trend until further positive stabilization, he added. In other words, once the SOL reaches $ 47, the chances of a low return are high.
Solana is also down 85% from PE
Like most crypto assets, Solana has lost a significant portion of its valuation compared to the November 2021 peak, which is now down more than 85%.