Solana Shows Imminent Breakout from Inverted Head and Shoulders Pattern; Analyst Predicts SOL Could Reach As High As This Level

Analyzing the SOL daily chart, Coinpedia spotlights the formation of a clear inverted head and shoulders pattern, typically signaling the end of a downtrend. SOL looks set to break above the neckline resistance around $115, which projects an ambitious upside target of $150 if historical precedents hold.

With trading volumes already spiking amidst this consolidation, Solana looks attractively positioned technically for the next bull wave. Experts consider volume a critical factor in validating chart patterns.

Of course, SOL has attempted to break past the $115 barrier on multiple occasions over the past month. This warns of the possibility of a retest of $100 support before witnessing a successful breakout.

Pre-Halving Rally Fuel

Nonetheless, with Bitcoin recovering back above $1 trillion in market capitalization in February, expectations for pre-halving altcoin runs have ignited. Solana’s credentials as the fifth-biggest crypto with a $49 billion valuation cement its candidacy as a prime beneficiary of this speculation.

And network data reveals native token transactions spiking to multi-month highs in a resurgence of user activity, corresponding to the increased buying volumes observed as well.

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Ecosystem Recovery Underway

Critically, Solana’s ecosystem appears to be turning a corner in the DeFi space. The combination of recovering fundamentals and crowd enthusiasm could provide the perfect backdrop for SOL to establish a durable bottom.

Of course, analysts warn history shows rarely do assets bottom through vertical V-shaped reversals alone. Sustained consolidation is a necessity before entering structural bull markets.

Hence SOL likely undergoes volatility in the interim, testing its legions of loyal bulls. But the developing chart technicals and ecosystem traction offer hope for sunny days ahead for the ambitious “Ethereum Killer.”

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Rene Peters
Rene Peters

Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy.