Odaily Planet Daily reported that well-known crypto analyst Omkar Godbolev published an analysis article stating that the price chart of SOL shows a bullish reversal pattern. According to technical analysis theory, this pattern is seen as a low-risk opportunity for trend breakout traders. The SOL price surged over 7% this week to $193, rebounding from a previous resistance level that turned into support, determined by a trendline connecting the highs in March and July. This line, along with the line connecting the lows in April and August, defines a large downward channel, encompassing long-term fluctuations from March to October. The SOL price broke out of this channel in early November, confirming a bullish tendency. SOL quickly climbed above $260 and then retreated to the breakout point last week, which technical analysts refer to as a bullish reversal pattern. A similar reversal pattern was perfectly presented in Bitcoin in the second half of 2023, laying the foundation for a large-scale bull market. (CoinDesk)