#MarketDownturn $SOL

For the first time since November 2021, Solana (SOL) price has retested $220. This has fueled further speculation that the altcoin could set new highs.

Notably, SOL’s chart across multiple timeframes supports this outlook. Here’s a closer look at the key indicators that support this prediction.

Solana Forms Bull Flag, Heading for Major Upside

On November 13, the altcoin climbed back above $200. However, Solana’s major breakout to $220 over the past 24 hours was due to Robinhood’s decision to relist the token.

In the latest development, Solana broke out above a “bull flag” pattern on the weekly chart. A “bull flag” is a pattern characterized by two consecutive price increases, interspersed with a short period of consolidation. This pattern begins with a sharp increase (called a “flagpole”) when buying pressure outweighs selling pressure, followed by a correction that forms parallel upper and lower trendlines, forming a “flag” shape.

As shown in the chart below, SOL broke above the “bull flag” pattern and reached $220 before falling back to $217.52. If this technical pattern holds, Solana could rise above its previous high of $260, with a possible mid-term target of $320.83.