Solana (SOL) is gearing up for a potential breakout as price action tightens into a narrower range on the 15-minute chart, indicating a forthcoming significant move.
Andrew Davis's analysis highlights that despite a recent sell-off pushing SOL below $142, the cryptocurrency quickly rebounded, showing strong buying interest and resilience, now trading above $150.
Technical analysis by Gemxbt identifies a descending triangle pattern on the 1-hour chart, typically considered bearish. However, recent bounce off $145 support could indicate a temporary reversal, with resistance at $155 being a key level to break for any sustained reversal.
Giottus Crypto Exchange signals a bullish Shark harmonic pattern emerging on the 4-hour chart, suggesting a potential bullish reversal targeting the $180 to $190 range, with a critical extension at the $147 level.
Whales_Crypto_Trading notes that Solana is testing wedge resistance on the 4-hour chart, hinting at a breakout as the price consolidates, with potential bullish targets at $215, $228, $243, and $265.