{"id":154691,"date":"2023-10-17T14:41:31","date_gmt":"2023-10-17T14:41:31","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=154691"},"modified":"2023-10-17T14:41:34","modified_gmt":"2023-10-17T14:41:34","slug":"solana-sol-price-poised-for-momentum-bullish-pattern-builds","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/solana-sol-price-poised-for-momentum-bullish-pattern-builds\/","title":{"rendered":"Solana (SOL) Price Poised for Momentum \u2013 Bullish Pattern Builds"},"content":{"rendered":"<p style=\"text-align: justify\"><a href=\"https:\/\/crypto-economy.com\/solana\/\" target=\"_blank\" rel=\"noopener\">Solana<\/a> (SOL), one of the most prominent cryptocurrencies on the market, has been in the spotlight due to a technical pattern that could herald an exciting resurgence. This article explores the main ideas behind this development and the key details.<\/p>\n<p style=\"text-align: justify\"><!--more--><\/p>\n<p style=\"text-align: justify\">After reaching a <strong>high of $260 in November 2021<\/strong>, Solana saw a significant decline in value, <strong>falling to a low of $8 in late 2022.<\/strong><\/p>\n<p style=\"text-align: justify\">This fall reflected the general decline in the crypto market, <strong>aggravated by the fall of the FTX exchange platform,<\/strong> which especially affected SOL like so many other assets.<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"size-full wp-image-154692 aligncenter\" src=\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/10\/Solana-Sol-Price-Bullish.jpg\" alt=\"Solana (SOL) Price Primed Surge: Bullish Pattern Emerges\" width=\"825\" height=\"300\" srcset=\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/10\/Solana-Sol-Price-Bullish.jpg 825w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/10\/Solana-Sol-Price-Bullish-300x109.jpg 300w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/10\/Solana-Sol-Price-Bullish-768x279.jpg 768w\" sizes=\"(max-width: 825px) 100vw, 825px\" \/><\/p>\n<p style=\"text-align: justify\">However, the year 2023 began with a positive turn for Solana. The price of SOL recovered <strong>from its low of $8 to almost $26 in early January<\/strong>, setting the stage for the formation of a technical pattern called the &#8220;<em>inverted head and shoulders&#8221;<\/em> (H&amp;S), <strong>a classic indicator with which investors detect a bullish reversal in an asset.<\/strong><\/p>\n<p style=\"text-align: justify\">This inverse H&amp;S pattern began to take shape in January and extended until October 2023. It is characterized by a structure with a left shoulder, a head, and a right shoulder, <strong>suggesting a potentially bullish trend change.<\/strong><\/p>\n<p style=\"text-align: justify\">A crucial aspect of this <strong>pattern is the \u201cneck\u201d resistance, identified around $25.81.<\/strong> Solana price has challenged this resistance on several occasions, and a decisive break above this level could signal a reversal for a very good uptrend.<\/p>\n<p style=\"text-align: justify\">Analyst Josh Olszewicz <strong>notes a stop loss for this trade idea just below the right shoulder, around $19.30.<\/strong><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">$SOL<\/a> iHS alert<\/p>\n<p>chart is the chart, love it or hate<\/p>\n<p>looks a helluva lot better than spot <a href=\"https:\/\/twitter.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">$ETH<\/a> that&#39;s for sure <a href=\"https:\/\/t.co\/BEh7z2bUbO\" target=\"_blank\">pic.twitter.com\/BEh7z2bUbO<\/a><\/p>\n<p>&mdash; Josh Olszewicz (@CarpeNoctom) <a href=\"https:\/\/twitter.com\/CarpeNoctom\/status\/1714123479879221711?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">October 17, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p style=\"text-align: justify\">In the analysis, using tools such as Fibonacci extensions, possible price trajectories are plotted for SOL if it manages <strong>to break through the $25.81 level.<\/strong><\/p>\n<p style=\"text-align: justify\">Targets are set at the 1.618 ($33.85) and 2.0 ($38.82) Fibonacci levels, which could result in <strong>potential gains of between 35% and 55% from the current price.<\/strong><\/p>\n<p style=\"text-align: justify\">Digging into the volume profile (VPVR) <strong>shows that the most significant trading activity for SOL is around the $14 to $15 range<\/strong>, and there is <strong>another cluster of volume between the $20.83 and $19.30 levels<\/strong>, which coincides with the loss or stop loss marked by Olszewicz.<\/p>\n<p>In conclusion, <strong>the inverse H&amp;S pattern poses an extremely bullish outlook for Solana price.<\/strong><\/p>\n<p style=\"text-align: justify\">However, it <strong>is essential to wait for a confirmation of the breakout above the $25.81 level,<\/strong> ideally supported by substantial trading volume, before considering bullish projections.<\/p>\n<h2>SOLANA NEWS IN THE MARKET<\/h2>\n<p style=\"text-align: justify\">Solana (SOL) <strong>is currently trading at a price of $23.80 USD<\/strong>, has seen an increase of<strong> 6.53% in the last seven days<\/strong> and a notable growth of <strong>24.41% in the last month.<\/strong> These figures reflect positive performance in the short term, suggesting renewed investor interest in the cryptocurrency.<\/p>\n<p style=\"text-align: justify\">SOL&#8217;s market capitalization amounts to <strong>$9.95 billion dollars<\/strong>, consolidating itself in seventh position in the market capitalization ranking according to <a href=\"https:\/\/coinmarketcap.com\/es\/currencies\/solana\/\" target=\"_blank\" rel=\"noopener\">CoinMarketCap<\/a>.<\/p>\n<p style=\"text-align: justify\">This current data provides a snapshot of Solana&#8217;s current status in the competitive world of cryptocurrencies and is a reminder of the importance of closely monitoring its journey in the market.<\/p>\n<p style=\"text-align: justify\">Investors and analysts will continue to closely watch SOL for possible bullish moves in the near future <strong>driven by its constant evolution<\/strong> and <strong>possible resurgence in the market.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Solana (SOL), one of the most prominent cryptocurrencies on the market, has been in the spotlight due to a technical pattern that could herald an exciting resurgence. This article explores the main ideas behind this development and the key details.<\/p>\n","protected":false},"author":33,"featured_media":154694,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[70,74,114],"tags":[5416,5348],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/154691"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=154691"}],"version-history":[{"count":0,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/154691\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/154694"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=154691"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=154691"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=154691"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}