Will Bullish Solana (SOL) Price Pattern Cause Breakout?
The Solana (SOL) price has reached long-term horizontal and diagonal support levels. While the weekly timeframe readings are bearish, the daily timeframe shows several bullish signs, indicating that an eventual breakout is likely. Solana Price Returns to Range Low The technical analysis of the weekly time frame shows that the SOL price has fallen since its yearly high of $32.13 in July. This week, the price reached the $18 horizontal support area. This is a critical area since it has provided support since the beginning of the year, except for a deviation (green circle) in June. The decrease might have accelerated once the bankrupt crypto exchange FTX transferred $10 million in Solana tokens to the Ethereum network. Graphique hebdomadaire SOL/USDT. Source : Tradingview Whether Solana breaks down from the area or bounces will determine the future trends direction. A bounce can lead to a 50% increase to the $27 resistance area. On the other hand, a breakdown will likely cause a 30% drop to $13.50. This would validate a descending resistance line that had been in place since the all-time high in 2021. The SOL price has not validated this line since it broke out in July. Le RSI hebdomadaire est baissier. Lors de lévaluation des conditions du marché,







