$SOL
Recently, Solana has shown quite strong growth, which is supported by the largest influx of capital into this project since March 2022.
Reasons for growth.
Throughout the year, Solana has been trading sideways with a very wide range from $14 to $27. The price movement over the past two months has the potential to form an inverted head and shoulders pattern. On the graph, “S” is the shoulders, “H” is the head. This formation is bullish. If the neckline (yellow line) is broken, we can count on growth to the level of 28.9, or even an update of the current high of 32.13.
Relevance of the scenario.
As you can see, the daily candle did not close below the local support of 22.08 - this is good. The scenario with the development of the formation is relevant as long as Solana is trading above EMA-20 1d (21.8) and EMA-200 1d (21.85). If we get the closing of the daily candle below the designated moving averages, then most likely this will mean capitulation of the bulls.
Recently, Solana has shown quite strong growth, which is supported by the largest influx of capital into this project since March 2022.
Reasons for growth.
Throughout the year, Solana has been trading sideways with a very wide range from $14 to $27. The price movement over the past two months has the potential to form an inverted head and shoulders pattern. On the graph, “S” is the shoulders, “H” is the head. This formation is bullish. If the neckline (yellow line) is broken, we can count on growth to the level of 28.9, or even an update of the current high of 32.13.
Relevance of the scenario.
As you can see, the daily candle did not close below the local support of 22.08 - this is good. The scenario with the development of the formation is relevant as long as Solana is trading above EMA-20 1d (21.8) and EMA-200 1d (21.85). If we get the closing of the daily candle below the designated moving averages, then most likely this will mean capitulation of the bulls.