Deep Tide TechFlow news, on December 24, according to CoinDesk, cryptocurrency analyst Omkar Godbole released a latest analysis report indicating that SOL is currently exhibiting a 'bullish throwback' technical pattern. SOL has risen over 7% this week to $193, gaining support at a previous resistance level connecting the March and July highs. SOL previously broke out of the descending channel from March to October in early November and quickly rose to $260, before pulling back to the breakout point last week.
According to Charles D. Kirkpatrick II, author of the book (Technical Analysis), this pullback pattern provides a second entry opportunity for traders who missed the initial breakout, with stop-loss levels set below the breakout point, making the risk relatively manageable. The pullback time and magnitude are usually small, but they provide a good entry point.
It is noteworthy that Bitcoin also showed a similar pattern in the second half of 2023, followed by a significant rise. However, if SOL fails to maintain the current support level and falls back into the channel, the bullish pattern will be invalidated.
