💥Solana has broken out above a bull flag pattern on the weekly chart. A bull flag is a pattern characterized by two consecutive price increases, followed by a short consolidation period. This pattern begins with a strong price increase.
👉As shown in the chart below, SOL broke out above the “bullish flag” pattern and reached $220 before falling back to $217.52. If this technical pattern holds, Solana could rally beyond its previous high of $260, with a possible medium-term target of $320.83.
👉In addition, daily chart analysis also supports this outlook, especially the current state of the Bull Bear Power (BBP) indicator.
👉The BBP indicator measures the strength of the buyers (bulls) versus the sellers (bears) by measuring the difference between the highest price and the 13-period EMA. When the indicator is above zero, this indicates that buyers have held the price above the EMA, indicating positive momentum.
👉Conversely, if this indicator is below 0, it shows that the sellers have pulled the price below the EMA, indicating a downtrend. Therefore, according to the current reading of this indicator, the bulls may continue to push Solana price higher.
