Solana Turns Bullish Following Bearish Channel Breakout: SOL Analyst Shares His Short-Term Price Targets
A crypto analyst on TradingView Maximilian_FX is calling for Solana (SOL) to see further upside after breaking out from a bearish pattern on the charts. According to Maximilian_FX, SOL/USDT has broken out of a bearish channel formation on the 4-hour time frame, suggesting the bulls are taking control in the near-term.
A bearish channel refers to a technical pattern where an asset’s price is making lower highs and lower lows between two descending parallel trend lines. A breakout from this pattern to the upside is considered a bullish signal, as it indicates the selling pressure has diminished and buyers are taking over.
Maximilian_FX notes that Solana maintaining above the former resistance level of this bearish channel, now flipped as support, shows “the next wave of price increases is waiting.”
The analyst is targeting an initial move up to $143.88 for SOL, which has now been broken, as the price now trades around $147. Following this, Maximilian_FX states the next major upside target will be to $159.47.
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Show more +“From the 4-hour chart, SOL/USDT has broken out of the bearish channel, which favors the rising bulls in the short term,” he explained. “Accordingly, maintaining at this high level and the technical support shows that the next wave of price increases is waiting.”
Solana is a high-performance blockchain focused on scaling via its unique proof-of-history consensus. SOL is currently trading around $147, up over 9% in the last 7 days amidst a broader recovery in the crypto markets.
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