Ethereum

Solana

Reversal

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The <a href="https://www.tradingview.com/" rel="noopener noreferrer nofollow">Solana daily chart</a> shows us that the price is finally recovering from a recent downtrend, with a series of higher lows forming a tentative ascending channel. The local support level can be identified around the $74.73 mark, which aligns with the recent low points and a dynamic support line that has been respected in the recent price action. On the upside, the resistance is near the $99.59 <a href="https://u.today/raoul-pal-hints-major-solana-sol-surge-might-be-ahead" rel="noopener noreferrer nofollow">level</a>, which coincides with the recent peaks forming a potential resistance zone.
If the price continues to respect the ascending trend line, we could anticipate a bullish scenario where <a href="https://u.today/bonk-jumps-10-as-solana-sol-recovers-lost-ground" rel="noopener noreferrer nofollow">SOL</a>/USDT targets the upper boundary of the current channel. A decisive breakout above the $99.59 resistance level could lead to a retest of the psychological $100 mark, potentially extending gains toward the next significant resistance near $110. <img alt="SOLUSDT Chart" data-entity-type="file" data-entity-uuid="c8014ac7-7453-4ffd-bfde-3ab8fc4f79ef" src="https://u.today/sites/default/files/inline-images/image_427.png"><a href="https://www.tradingview.com/" rel="noopener noreferrer nofollow">SOL/USDT chart by TradingView</a>
Conversely, if the price breaks below the support at $74.73, this could invalidate the bullish outlook and signal a bearish scenario. A sustained move below this support might trigger a decline toward the $57.32 level, which represents a stronger historical support level. Further weakness could see the price challenging the $50 zone, a substantial psychological and technical support level.
<h2 dir="ltr" id="crucial-pattern">Crucial pattern</h2>
The pattern that stands out is an inverse double bottom, indicated by two distinct troughs that suggest a reversal from the preceding downward trend. The neckline of this pattern lies around the 0.04243 <a href="https://u.today/xrp-starts-moving-earlier-solana-sol-already-stronger-than-everyone-else-does-ethereum-eth-need" rel="noopener noreferrer nofollow">ETH</a> level.
A confirmed breakout above this neckline could project a target by measuring the distance from the neckline to the bottom of the troughs and extending that distance above the neckline.
The inverse double bottom pattern is typically a bullish reversal signal, suggesting that if SOL breaks above the neckline with conviction, we could see a rally in the <a href="https://u.today/solana-sol-unveils-major-upgrade-heres-whats-new" rel="noopener noreferrer nofollow">SOL</a>/ETH pair.

Solana (SOL) Paints Extremely Bullish Reversal Chart Pattern

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