📊 Dec 24 | #crypt analyst Omkar Godbole notes $SOL ’s price chart shows a “bullish pullback” pattern, signaling a low-risk opportunity for breakout traders. 🚀

According to #TechnicalAnalysis theory, this pattern is considered a low-risk opportunity for breakout traders. SOL's price surged over 7% this week to $193, with the former resistance level determined by a trendline connecting the highs of March and July now acting as a support level for the bounce-back.

This line, along with the one connecting the lows of April and August, has defined a large descending channel that encompassed the long-term range-bound movement from March to October. #SOL 's price broke out of this channel at the beginning of November, confirming a bullish bias.

SOL swiftly rose to over $260 and then retraced to the breakout point last week. Technical analysts refer to this back-and-forth as a bullish "pullback pattern."