$SOL

🚨Solana Price Technical Analysis: Double-Bottom and Bullish Flag Pattern🚨

Technicals suggest that the Solana price could bounce back in the near term once the geopolitical fears ease. The eight-hour chart shows that the coin dropped to a low of $141.56, which coincided with the lowest point on June 5. It has formed a double-bottom pattern at $141.56 and a neckline at $168.

The profit target in a double-bottom pattern is calculated by first establishing the pattern height by subtracting the lowest bottom from the neckline price. In this case, the height is $27. After this, you add the neckline price to the height, giving the target price at $195.

Another bullish catalyst for the Solana price is that it has formed a bullish flag pattern on the daily chart. This pattern comprises two parts: a flag and a flagpole.

In this case, the flag is made up of a descending channel that connects the lower lows and lower highs since May 12. The slanted flag pole started forming on April 7. The profit target of this pattern is $241. It is derived by measuring the length of the flagpole and the same distance from the breakout point, which is approximately $160.

The bullish Solana price forecast will become invalid if the coin crashes below $120. A move below that level will point to more downside, potentially to $100.

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