In an analysis, crypto analyst ZAYK Charts has identified a bullish pattern in Solana’s (SOL) price chart, suggesting a potential surge. The tweet accompanying the chart,
“$SOL Bullish Pennant Breakout is Done as Expected, Now Send to $350,” captures the confidence in the ongoing trend.
Moreover, the analysis highlights the breakout pattern and positions $350 as a plausible target for SOL’s next upward move.
What you'll learn 👉
Bullish Pennant Breakout on Solana Chart
The Solana chart by ZAYK Charts illustrates a bullish pennant, a pattern that follows a strong upward movement, consolidates, and then continues the trend. On this 2-day timeframe, SOL’s price recently broke above the upper boundary of the pennant, signaling a bullish breakout.
This breakout, considered a continuation pattern, reinforces the prior uptrend that began in late 2023 and carried through early 2024. The pennant structure, with converging support and resistance lines, signifies a potential for upward movement, as seen in SOL’s rally during this period.
With the breakout confirmed, the SOL price has started to rise, aligning with ZAYK’s projection and indicating that SOL may continue to track the previous bullish trend.
Support and Resistance Zones Established
SOL has created notable support and resistance areas. The pennant’s lower boundary, near $135, previously acted as a consolidation support level, providing stability if SOL retests its position.
Following the breakout, the $180-$190 range represents immediate support, critical for SOL’s resilience in any short-term pullback. At press time, however, SOL trades slightly below this level at $174. This positions the $350 target as a key resistance aligned with prior highs in previous cycles.
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Upward Momentum and Volume Support the Trend
SOL has displayed consistent upward momentum, bolstered by substantial buying volume. The breakout saw a strong bullish candle, indicative of increased buying interest.
Since late 2023, SOL has maintained an uptrend with established higher lows, supporting the continuation of the bullish move. The breakout aligns with ZAYK’s projection, suggesting confidence in SOL’s momentum toward $350.
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