Recently, analyst Melikatrader discovered that Solana (SOL) has formed a classic "head and shoulders" pattern on the daily chart. This pattern typically indicates that the price will make a significant move, but for SOL, it is more likely to start rising!

In simple terms, the price initially fell below the critical "neckline" level (around $160), but now the price is expected to challenge this line again. If it can hold the neckline, SOL may initiate an upward trend, targeting $200 or even around $219.

Moreover, from a technical perspective, SOL's recent lows are getting higher, indicating that buying pressure is gradually strengthening, which is very favorable for price increases. As long as this trend continues, there is more confidence in SOL's upward momentum.

However, if SOL fails to hold the neckline, the price may continue to seek support downwards, with the key buying point likely around $136, which is a position where a rebound is very possible.