$SOL
🚨 Solana price technical analysis 🚨
On the daily chart, Solana price has pulled back to $172 after peaking at $185 earlier in the week. It is currently hovering near the 38.2% Fibonacci retracement level. Meanwhile, the 50-day and 100-day moving averages are on the verge of forming a mini golden cross, often a bullish signal.
Solana has also formed an inverse head and shoulders pattern and is trading between the strong pivot reverse level and the upper boundary of the Murrey Math Lines trading range.
Given these technical indicators, SOL is likely to resume its uptrend, with bulls eyeing a retest of the $200 resistance level. A breakout above that level could open the path to the 78.6% Fibonacci retracement at $252. However, a drop below key support at $150 would invalidate the bullish outlook