Solana price demonstrates a bullish reversal rally, deriving momentum from a well-established support trendline.
Recent price action poses a challenge to the dynamic 50-day EMA and the psychological resistance at $150.
Maintaining levels above the 50% Fibonacci retracement suggests a potential formation of an inverted head and shoulders pattern in the near term.
The critical neckline of this pattern aligns with the $150 mark, marking a significant resistance level.
A breakout above this resistance level has the potential to substantially enhance the uptrend momentum for Solana.
The current candlestick pattern reveals a long-tail bullish candle, indicating bullish sentiment in the market.
Solana seems well-positioned to surpass the $150 mark, fueled by the potential for a bullish trend continuation.
A successful breach of the $150 resistance could lead to a surge towards the $200 level.
According to Coingabbar's analysis, Conversely, a breakdown below the support trendline would invalidate the bullish pattern, possibly initiating a bearish trend towards the $120 level.
KEY LEVELS :
RESISTANCE LEVEL : $150-$156
SUPPORT LEVEL : $142-$135
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
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