$SOL

🚨 Solana price nurtures breakout targeting $176 🚨

Solana's price hovers at $148 at the time of writing on Thursday, supported by broad-based risk-on sentiment and bullish momentum following the breakout of the inverse head-and-shoulders pattern.

The daily chart highlights the potential for SOL to complete a 32% breakout to $176. This target aligns with the height of the head and shoulders pattern, extending from the neckline to the head, and is extrapolated above the breakout point.

Solana's price position above the 50, 100, and 200-day Exponential Moving Averages (EMA) reflects the bullish outlook, which could drive the token to higher levels.

The uptrend could continue if bulls reclaim the $150 level. However, the Moving Average Convergence Divergence (MACD) indicator shows signs of exhaustion, likely extending the reversal toward support at $140.

Moreover, volume has declined significantly compared to the previous day, when Solana rallied to $154. Beyond this support, the 50-day EMA at $139 could stabilize SOL, possibly preventing a larger drawdown to the 100-day EMA at $133.

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