SOL formed bullish reversal patterns and surged from $125.99 to a high of $184.67.
Price is consolidating near $177.47, with $172 acting as key support for a retest of $184–$187.
Despite volume drop, SOL gained 2.3% daily and now targets $262, according to Carl Moon.
Solana (SOL) rebounded from a major low of $125.99, forming an inverse head and shoulders followed by a double bottom pattern. These patterns triggered a strong upward move to $184.67. After a brief pullback, SOL is now consolidating near $177.47. If the price holds above $172, a retest of the $184–$187 resistance range could follow.
Recovery from Major Low and Technical Structure Formation
SOL experienced a sharp 13% drop from $168.49, reaching a low at $125.99. From this level, an inverse head and shoulders pattern formed, which is often associated with a trend reversal. This led to a breakout that pushed the price to $160.18.
https://twitter.com/bitgu_ru/status/1946483144154075553
A second bullish structure, the double bottom pattern, formed shortly afterward, reinforcing buying momentum and driving the price above the $172 support. According to analysis prepared by BitGuru, this sequence helped shift market structure into a bullish phase and led to a strong push toward $184.67.
The recent consolidation near $177.47 follows a healthy pullback. Analysts are watching the $172 level closely, as holding above this support could lead to another attempt at the $184–$187 resistance zone.
Market Metrics and Momentum Trends
Solana is currently trading at $179.98, which is a 2.3% gain over the past 24 hours. The market capitalization has risen in parallel, reaching $96.82 billion, placing SOL at the sixth position in global crypto rankings.
Despite the price increase, 24-hour trading volume has dropped by 25.43%, totaling $4.63 billion. According to an observation by CoinMarketCap, SOL bounced from $175 during early intraday trading and moved higher with steady momentum.
The volume-to-market cap ratio now stands at 4.76%, reflecting moderate trading activity. Solana’s circulating supply is 537.92 million out of a total of 605.6 million tokens. The fully diluted valuation (FDV) is estimated at $109 billion. Analyst Carl Moon stated, “Solana has hit our target perfectly,” and indicated a medium-term price objective of $262.
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