Solana is moving in a strange regression trend that previously had a breakout. It formed an inverted H&S pattern, and the price returned to the trend. Based on this trend, Solana could potentially touch $1000, creating a significant double top.
Currently, since Solana could set a new ATH by breaking the resistance, if it stays above $300 and holds it we might see new highs, with the price moving towards $500 first. Note that since it looks like a double top, the price could fall at any time, and if the market becomes too bearish, Solana could have a bearish breakout from this trend, reaching $50 or even lower.
However, if Solana just had a fake breakout and fails to hold $250 and $200, we could see the price drop to $80 before the next bullish move.
Currently, since Solana could set a new ATH by breaking the resistance, if it stays above $300 and holds it we might see new highs, with the price moving towards $500 first. Note that since it looks like a double top, the price could fall at any time, and if the market becomes too bearish, Solana could have a bearish breakout from this trend, reaching $50 or even lower.
However, if Solana just had a fake breakout and fails to hold $250 and $200, we could see the price drop to $80 before the next bullish move.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.