Will Solana price bounce below $180? Double bottom hints at 40% rally
Solana's potential double-bottom pattern below $180 suggests a possible rally toward $250, supported by rising institutional demand.Summary
Solana (SOL) price action on the daily chart has formed a potential double-bottom pattern below $180, signaling a possible recovery toward $250. Chartists, including John Bollinger, note this W-shaped pattern, where SOL double-dipped near $175 before stabilizing. If confirmed by breaking the neckline at $210, the target price is $250, according to analyst Lark Davis, who also noted positive momentum indicators like the RSI and MACD. Bulls need to maintain support above the 200-day Exponential Moving Average (EMA). Concurrently, institutional interest in SOL is surging, evidenced by $156.1 million in weekly inflows into SOL Exchange-Traded Products (ETPs) ending October 17, driven by anticipation surrounding potential Solana ETF approvals by the SEC.
(Source：Cointelegraph)