Solana (SOL) Price Prediction: Familiar Bullish Pattern 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.

Solana appears to be gearing up for a major technical breakout, setting the stage for a potential rally toward $143, according to recent analysis.

A Structure for a Breakout

Like every other large market-cap cryptocurrency, Solana has experienced an extended period of price crashes since late February. In the case of Solana, this price crash has been unfolding since January, when it reached an all-time high 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.

This price action before and after this $97 low has created an interesting formation on the 4-hour candlestick timeframe chart. As crypto analyst Titan of Crypto noted, this formation is enough to send Solana back up to $143. Like other analysts, he explained that a familiar bullish pattern has formed, and if validated, it could drive the price to a level not seen in recent weeks.

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.

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.

Image From X: Titan of Crypto

Solana's recent price action has formed an inverse head-and-shoulders structure, which is a bullish pattern that could signal a reversal from the downtrend. The pattern consists of three peaks, with the middle peak being the highest and forming the "head" of the structure. The two lower peaks form the "shoulders."

The pattern is usually completed when the price breaks out of the "neckline" of the pattern, which is a line connecting the lows of the two shoulders. In the case of Solana, the neckline is located at around $118.

Momentum Strengthens

Looking at the chart shared by the analyst, the momentum behind Solana's 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.

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.

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.