Deep Tide TechFlow news, on December 24, according to CoinDesk, cryptocurrency analyst Omkar Godbole released the latest analysis report stating that SOL is currently exhibiting a 'bullish throwback' technical pattern. SOL has risen over 7% this week to $193, gaining support at the previous resistance level connecting the highs of March and July. SOL previously broke through the descending channel from March to October in early November, then quickly rose to $260, before pulling back to the breakout point last week.
According to Charles D. Kirkpatrick II, the author of the book on technical analysis, this throwback 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 duration and magnitude of the throwback are usually small, but they provide a good entry point.

It is worth noting that Bitcoin also exhibited a similar pattern in the second half of 2023, which was followed by a significant increase. However, if SOL fails to hold the current support level and falls back within the channel, the bullish pattern will become invalid.