The Solana (SOL) price has increased rapidly since October 13 and is approaching its yearly high.
The price of Solana also broke out from an inverse head and shoulders pattern. How long will it continue climbing?
Analysts are Bullish on Solana
Tradermayne believes that the price will increase all the way to $40. But, his bullish analysis is conditional on a bullish weekly candle close.
Solana Price Forecast: Will New Yearly High be Reached?
The daily time frame shows that the SOL price has traded inside an Inverse Head and Shoulders (IH&S) pattern since February. The IH&S is considered a bullish pattern, which usually leads to breakouts.
A movement that travels the entire pattern’s height (black) will take Solana to the next resistance at $38, an increase of 50% from the current price. This would be a new yearly high with the highest price since November 2022.
In that case, a 33% drop to the right shoulder support at $18 will likely be the future price outlook.
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