Yello! $SOL is once again showing bullish momentum as price breaks out of a lower-time frame double bottom pattern. Now, #Solana quickly approaching the crucial inverse head and shoulders neckline level—could this be the start of a higher time-frame reversal?
💎Since early August, Solana has been forming a bottoming pattern, and the bulls are getting closer to pushing it into a significant reversal. The immediate target for this double bottom breakout lies between 162 - 164, which coincides with the inverse head and shoulders breakout zone.
💎While some profit-taking may occur around this level, a breakout above the neckline would push $SOL into a much stronger upward trend. From there, expect the price to initially aim for 169.50 level followed by the strong resistance levels at 179 to 185 which are around the recent highs.
💎Solana also has strong support zones in place, offering significant protection for the bulls. Around the moderate support levels of 147.80 to 147.20, both horizontal support and dynamic supports have their presence. This region will make it difficult for sellers to gain control. Additionally, just below this area, an ascending support line at 138 provides extra reinforcement for $SOL .
Traders, remember, trading is a game of patience and discipline. Stick to high-probability setups and follow your strategy carefully to stay ahead in this market
