Solana has oscillated between bullish and negative momentum without a clear trend. Retests of resistance and support levels have had no results, forming a head and shoulders pattern. After this news, the Solana price might go in one of two ways, which could affect cryptocurrency investors.
This pattern might go either way, but Solana's recent price performance suggests a bullish advance.
The neckline is the next pricing determinant after the shoulders and head. After the price dropped below $160, the crypto analyst's neckline was broken. The Solana price might rise to retest this neckline. Reclaiming it would launch a rally toward $200.
Also, the trendline implies the Solan price may be rising. Despite market mood, repeated higher lows are optimistic for the cryptocurrency. This increases the chance of an upward continuation.
The expert adds that the head and shoulders shape and broken neckline suggest the price will rise from here. The aim is $249 if momentum holds. Otherwise, the coin may fall.
“Based on the pattern and technical analysis, the potential price target could be around $249, as indicated by the box in the upper right corner,” the analyst said. This goal follows the upward trend from the broken neckline.”
Alternatively, the price fails to hold above the neckline. A reversal here might help Solana locate stronger bounce-off opportunities at lower support levels. In a bearish situation, the $136.34 support level would provide the best buying opportunity.
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