Solana Sol Price Consolidation Hints At 70 Upside

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Solana Sol Price Consolidation Hints At 70 Upside

Solana (SOL) Price Consolidation Hints At 70% Upside

Solana's (SOL) price is getting close to its breakout point, which could dictate the next direction of this altcoin. If we get a successful break of this pattern, it would be a sight to behold for bullish investors.

For now, it appears that Solana (SOL) can gain as much as 70% upside once it manages to break above its current breakout pattern successfully.

The recent price action of Solana (SOL) is showing an inverse H&S pattern that has been forming for almost a year now. Technically speaking, this pattern signifies a bottom reversal and consists of 2 shoulders + 1 head.

Solana (SOL) Price Could Touch $37.21

For now, all the eyes are now on the neckline of the inverse H&S pattern, which will tell us whether we get a bullish break or not. In case we get a break below the lower peak of the inverse H&S, then it will render the technical pattern invalid.

As per the measured target, there's a chance of almost 71.09% upside to the Solana (SOL) price, which will take it to $37.21.

At the time of writing this, the Solana (SOL) price was consolidating just below the inverse H&S neckline, which suggests that it is a strong resistance.

Similarly, the recent price action is also suggesting very low volatility in the Solana (SOL), which is common before periods of high volatility and breakout.

And considering how the recent price pattern took several months to complete, it would be wise to wait for close above the neckline on at least the D1 chart. In addition, several successful closes above the neckline on the D1 chart will add more credibility to the breakout.

Looking beyond the bullish forecast of $37.21, the next important level is located at $38.92, which is also an important resistance. If Solana (SOL) manages to reach that level, it would mean an 80% upside.

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