bullish

Solana

Bitcoin

Notable

<ul class="wp-block-list">
 <li>Solana shows signs of bullish reversal, aiming for $150 and potentially $169.</li>
 <li>Rounding bottom pattern and double-bottom reversal evident in 4-hour chart.</li>
 <li>Key resistance levels at $149.32 and $158.49, with support at $130.</li>
</ul>
<a href="https://thenewscrypto.com/?s=Solana" target="_blank" rel="noopener noreferrer nofollow">Solana</a> (SOL) finds itself at a pivotal juncture as the cryptocurrency market’s broader recovery begins to decelerate. Despite this slowdown, underlying sentiment remains cautiously optimistic for the upcoming month, with Solana positioning itself for a potential breakout run.
As Bitcoin and other top altcoins hover near crucial levels, all eyes are on SOL’s ability to overcome key resistances and drive a bullish trend.
The 4-hour chart reveals a compelling rounding-bottom reversal pattern, signaling a potential shift in Solana’s price trajectory. This formation’s neckline aligns with the 61.80% Fibonacci retracement level at $158.49, presenting a significant hurdle for bulls to overcome.
Adding weight to the bullish case, a golden crossover between the 50 and 200 exponential moving averages (EMAs) has materialized, with an impending bullish crossover between the 100 and 200 EMAs on the horizon.
<h2 class="wp-block-heading" id="h-solana-forms-double-bottom-reversal-pattern">Solana forms double bottom reversal pattern</h2>
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="482" src="https://thenewscrypto.com/wp-content/uploads/2024/09/image-72-1024x482.png" alt="" class="wp-image-108878" srcset="https://thenewscrypto.com/wp-content/uploads/2024/09/image-72-1024x482.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/09/image-72-300x141.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/09/image-72-768x361.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/09/image-72-1536x722.png 1536w, https://thenewscrypto.com/wp-content/uploads/2024/09/image-72.png 1814w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
Further bolstering the bullish narrative, a double-bottom reversal pattern has emerged within the $140 to $149 consolidation range. The neckline of this formation coincides with the 50% Fibonacci level at $149.32, creating a confluent resistance zone that bulls must breach to confirm the reversal.
Should Solana successfully overcome these barriers, price targets at the 78.60% and 100% Fibonacci levels ($172 and $192, respectively) come into focus.
However, market participants must remain cognizant of potential downside risks. Failure to surpass the critical $149 level could undermine the rounding-bottom reversal scenario, potentially leading to a retest of support around the 23.60% Fibonacci level near $130. This support zone represents a crucial bulwark against deeper retracements.
Zooming out to the daily timeframe, Solana’s price action reveals a series of lower highs, forming a descending resistance line. Notable double-top reversals occurred near $200 in March, $183 in July, and $159 in August.
Despite these setbacks, the recent rounding reversal pattern suggests resilient bullish momentum. Since finding support in the $117 demand zone, SOL has staged an impressive 18.50% recovery over the past 18 days.

Solana Shows Signs of Bullish Reversal, SOL Aims For $150

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