Solana appears to be gearing up for a major technical breakout, with recent price action building up an interesting chart formation. A familiar bullish pattern has formed, and if validated, it could drive the price to a level not seen in recent weeks. This new development was highlighted by popular analyst Titan of Crypto on social media platform X.<\/p>\n
Like every other large market-cap cryptocurrency, Solana has experienced an extended period<\/a> of price crashes since late February. In the case of Solana, this price crash has been drawing out since January, when it reached an all-time high <\/a>of $293 during the euphoria surrounding the Official Trump meme coin. Since then, Solana has corrected massively, even reaching a low of $97 on April 7.\u00a0<\/p>\n The price action before and after this $97 low <\/a>has created an interesting formation on the 4-hour candlestick timeframe chart. As crypto analyst Titan of Crypto noted<\/a>, this formation is enough to send Solana back up to $143.\u00a0<\/p>\n At the heart of the latest bullish outlook is a clearly defined inverse head and shoulders structure, which is known for its reliability in signaling a reversal from a downtrend to a bullish breakout. The left shoulder of the pattern began forming in early April as Solana attempted to rebound from sub-$110 levels. The subsequent drop to the $96 bottom on April 7 formed the head of the structure. From there, a recovery started as buyers cautiously stepped back in, giving rise to the right shoulder.<\/p>\n The breakout of the neckline resistance has taken place in the past 24 hours. With this in mind, Titan of Crypto predicted that $143 becomes the next logical destination based on the measured move from the head to the neckline.<\/p>\n\n Image From X: Titan of Crypto<\/a><\/p>\n Looking at the chart shared by the analyst, the momentum behind Solana\u2019s price movement appears to be gaining strength. Trading volume is an important metric in evaluating the strength of a breakout, and the volume accompanying the recent breakout above the neckline seemingly confirms it. <\/p>\n Particularly, Solana has seen a 5.3% increase in its price during the past 24 hours, with trading volume surging by 3.76% within this timeframe to $4.21 billion.<\/p>\n Although it is common to see a throwback or minor consolidation just above the neckline, the projected path suggests continued upside as long as price action holds above that key breakout zone.<\/p>\n At the time of writing, Solana is trading at $129, 10% away from reaching this inverse head-and-shoulder target. A move to $143 would not only represent a meaningful recovery from April\u2019s lows but could also improve the confidence in Solana\u2019s price trajectory moving into Q2. The next outlook is what happens after it reaches this target of $143, which will depend on the <\/a>general market sentiment.\u00a0\u00a0<\/p>\n Featured image from The Information, chart from TradingView<\/em><\/p>","protected":false},"excerpt":{"rendered":" Solana appears to be gearing up for a major technical breakout, with recent price action building up an interesting chart formation. A familiar bullish pattern has formed, and if validated, it could drive the price to a level not seen in recent weeks. This new development was highlighted by popular analyst Titan of Crypto on […]<\/p>\n","protected":false},"author":0,"featured_media":58948,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-58947","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/58947"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=58947"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/58947\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/58948"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=58947"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=58947"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=58947"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Momentum Strengthens With Structure Confirmation<\/h2>\n