{"id":31058,"date":"2023-10-17T07:52:43","date_gmt":"2023-10-17T11:52:43","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=31058"},"modified":"2023-10-17T07:52:43","modified_gmt":"2023-10-17T11:52:43","slug":"solana-sol-price-primed-for-50-surge-bullish-pattern-emerges","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/10\/17\/solana-sol-price-primed-for-50-surge-bullish-pattern-emerges\/","title":{"rendered":"Solana (SOL) Price Primed For 50% Surge: Bullish Pattern Emerges"},"content":{"rendered":"

Renowned crypto analyst Josh Olszewicz recently spotlighted an extremely bullish technical pattern for Solana (SOL) price, suggesting a potential significant uptrend for the cryptocurrency against the US dollar (SOL\/USD). Olszewicz shared his analysis<\/a> on X (formerly Twitter), commenting, \u201cSOL iHS alert. Chart is the chart, love it or hate. Looks a helluva lot better than spot ETH that\u2019s for sure.\u201d<\/p>\n

Solana Poised For A 50%+ Rally?<\/h2>\n

After reaching a peak of $260 in November 2021, the Solana price experienced a steep decline in value, plummeting to a low of $8 by the end of 2022. This decline mirrored the general downturn in the crypto market, which was further aggravated<\/a> by the collapse of the crypto exchange FTX, with SOL being particularly affected.<\/p>\n

However, 2023 began with a positive twist for Solana. The price of SOL rebounded from its $8 low to almost $26 within the first half of January, setting the stage for the formation of an inverse head and shoulders (H&S) pattern.<\/p>\n

This inverse H&S pattern, recognized as a typical bullish reversal signal, began taking shape in mid-January and extended through October 2023. By mid-March, the left shoulder was evident, with the head forming in early June, and the right shoulder becoming prominent in October.<\/p>\n

A significant feature of this pattern is the neckline resistance, identified at around the $25.81 mark. Solana\u2019s price has already challenged this resistance multiple times, and a decisive breach above this threshold would serve as a strong indicator of a bullish trend reversal. Olszewicz, in his analysis, marked the stop loss (SL) for this trade idea just below the right shoulder, specifically around $19.30.<\/p>\n

Using Fibonacci extensions, Olszewicz charted potential price trajectories for SOL, should it successfully surpass the $25.81 neckline. The targets are marked at the 1.618 ($33.85) and 2.0 ($38.82) Fibonacci levels. If these predictions hold, traders might be looking at potential profits ranging between 35% and 55% from the current price.<\/p>\n

VPVR Supports This Thesis For SOL<\/h2>\n

Additional insights from the Volume Profile Visible Range (VPVR) reveal that the most substantial trading activity for SOL is clustered around the $14 to $15 bracket. Another volume cluster is situated between the $20.83 and $19.30 marks, aligning with Olszewicz\u2019s stop loss placement.<\/p>\n

Another important takeaway is that should SOL break above the inverse H&S pattern\u2019s neckline, there is a large volume gap up to the first price target at $33.85 where the 1.618 Fibonacci level is situated, suggesting this area is of significant interest and potential resistance.<\/p>\n

In conclusion, while the inverse H&S pattern\u2019s emergence paints a super bullish picture for Solana\u2019s price trajectory, it is essential to await a confirmed breakout above the $25.81 neckline, ideally supported by a substantial trading volume, before confirming the bullish projections laid out by Olszewicz.<\/p>\n

At press time, SOL rose above 200-day EMA and traded at $23.81.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Renowned crypto analyst Josh Olszewicz recently spotlighted an extremely bullish technical pattern for Solana (SOL) price, suggesting a potential significant uptrend for the cryptocurrency against the US dollar (SOL\/USD). Olszewicz shared his analysis<\/a> on X (formerly Twitter), commenting, \u201cSOL iHS alert. Chart is the chart, love it or hate. Looks a helluva lot better than spot ETH that\u2019s for sure.\u201d<\/p>\n

Solana Poised For A 50%+ Rally?<\/h2>\n

After reaching a peak of $260 in November 2021, the Solana price experienced a steep decline in value, plummeting to a low of $8 by the end of 2022. This decline mirrored the general downturn in the crypto market, which was further aggravated<\/a> by the collapse of the crypto exchange FTX, with SOL being particularly affected.<\/p>\n

However, 2023 began with a positive twist for Solana. The price of SOL rebounded from its $8 low to almost $26 within the first half of January, setting the stage for the formation of an inverse head and shoulders (H&S) pattern.<\/p>\n

This inverse H&S pattern, recognized as a typical bullish reversal signal, began taking shape in mid-January and extended through October 2023. By mid-March, the left shoulder was evident, with the head forming in early June, and the right shoulder becoming prominent in October.<\/p>\n

A significant feature of this pattern is the neckline resistance, identified at around the $25.81 mark. Solana\u2019s price has already challenged this resistance multiple times, and a decisive breach above this threshold would serve as a strong indicator of a bullish trend reversal. Olszewicz, in his analysis, marked the stop loss (SL) for this trade idea just below the right shoulder, specifically around $19.30.<\/p>\n

Using Fibonacci extensions, Olszewicz charted potential price trajectories for SOL, should it successfully surpass the $25.81 neckline. The targets are marked at the 1.618 ($33.85) and 2.0 ($38.82) Fibonacci levels. If these predictions hold, traders might be looking at potential profits ranging between 35% and 55% from the current price.<\/p>\n

VPVR Supports This Thesis For SOL<\/h2>\n

Additional insights from the Volume Profile Visible Range (VPVR) reveal that the most substantial trading activity for SOL is clustered around the $14 to $15 bracket. Another volume cluster is situated between the $20.83 and $19.30 marks, aligning with Olszewicz\u2019s stop loss placement.<\/p>\n

Another important takeaway is that should SOL break above the inverse H&S pattern\u2019s neckline, there is a large volume gap up to the first price target at $33.85 where the 1.618 Fibonacci level is situated, suggesting this area is of significant interest and potential resistance.<\/p>\n

In conclusion, while the inverse H&S pattern\u2019s emergence paints a super bullish picture for Solana\u2019s price trajectory, it is essential to await a confirmed breakout above the $25.81 neckline, ideally supported by a substantial trading volume, before confirming the bullish projections laid out by Olszewicz.<\/p>\n

At press time, SOL rose above 200-day EMA and traded at $23.81.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-31058","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/31058","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=31058"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/31058\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=31058"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=31058"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=31058"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}