#SOL
Solana Continue it Rising in October?
Solana price formed an inverse head-and-shoulders pattern, indicating a potential trend reversal from bearish to bullish. The break above the neckline around $160 confirms this bullish pattern.
The price is currently trading at $170.58, and the breakout target based on the height of the head to the neckline points to a move towards $190, representing a 16.41% gain from current levels.
Based on historical price action, the SOL price may face resistance around $190 and $230 on its way up. However, a break above the latter resistance could propel the asset to $250, a 46% increase from the current price.
SOL price shows strong support at the previous neckline around $160. A retest of this level may happen before further upside, providing a potential entry point for buyers. If the price fails to hold above the $160 levels and drops below the neckline, it could signal market weakness, pushing it to lower support levels near $140 and $130.
In the short term, the price will likely move towards the $190-$195 range, which will serve as the first take-profit zone. In the longer timeframe, if SOL breaks through the $190 resistance with strong momentum, the price could extend towards $230 and $250.
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