🧠$SOL forms a head and shoulders pattern: Is $249 within reach?
Solana ($SOL ) is currently trading around $167, after breaking the neckline of an inverted head and shoulders pattern, which is a technical indicator commonly used to identify bullish reversals.
📊 Technical Analysis
- The pattern is forming between the range of $165 – $170, with a clear break of the neckline.
- This breakout turns previous resistance into support, reinforcing bullish momentum.
- The next technical target ranges between $200 – $205, according to the measured move of the pattern.
- Some analyses suggest the possibility of reaching $249 if the momentum continues.
📉 Alternative Scenario
If the price fails to maintain support at the neckline, it could retract to lower levels like $136.34, which presents a strong buying opportunity.
📈 Technical Indicators
- The RSI is at 47.82 on the 4-hour timeframe, indicating neutral momentum.
- The MACD is still below the signal line, warranting caution in the short term.
💡 Summary
The inverted head and shoulders pattern gives Solana a strong chance to surge to new levels. Maintaining support at the neckline is key, and the technical target at $249 remains possible if the bullish momentum continues.
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