Solana’s Chart Points to Bullish Revival, Eyes $100

  • Solana’s price recovery is evident, forming an ascending channel with local support at $74.73 and resistance at $99.59.
  • The presence of an inverse double bottom pattern suggests a bullish reversal, with the neckline at 0.04243 ETH signaling potential gains.
  • A decisive breakout above the $99.59 resistance level could lead to a retest of the $100 mark and further gains toward $110.

Solana (SOL) is capturing attention as its daily chart unveils promising signals of a potential bullish surge. The chart reflects a robust recovery from a recent downtrend, outlining a discernible ascending channel. 

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The lower bounds of this channel find support around the $74.73 mark, aligning with recent lows and a dynamic support line that has demonstrated significance in recent price movements. On the flip side, resistance is notably present near the $99.59 level, forming a potential barrier marked by recent peaks. 

Should the ascending trend line hold, a bullish scenario unfolds, projecting SOL/USDT towards the upper boundary of the channel. A decisive breach above the $99.59 resistance level could propel Solana towards a retest of the psychological $100 milestone, with further potential gains targeting the next significant resistance at $110.

A key pattern emerging in the Solana and Ethereum (ETH) pair is the intriguing inverse double bottom. This pattern, characterized by two distinct troughs, signifies a potential reversal from a preceding downtrend. The neckline of this pattern is identified around the 0.04243 ETH level. 

The confirmation of a breakout above this neckline could project a target by measuring the distance from the neckline to the bottom of the troughs and extending that distance above the neckline. In essence, the inverse double-bottom pattern serves as a bullish reversal signal, hinting at the possibility of a rally in the SOL/ETH pair.

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