Solana Forms Bullish ‘W’ Pattern — Is a Breakout to $165 Next?
Solana is exhibiting a bullish 'W' pattern, suggesting a potential 14% breakout toward the $165 price target.Summary
Solana (SOL) is showing signs of a potential recovery, forming a classic bullish 'W' pattern on its 12-hour chart following a sharp decline in November. Supporting this potential uptrend is improving sentiment among long-term holders (LTHs), whose selling outflows are receding, suggesting reduced distribution. Furthermore, the Network Unrealized Profit/Loss (NUPL) metric recently entered the capitulation zone, historically marking a point of selling exhaustion that often precedes trend reversals and accumulation, similar to what occurred in April before a major rally.
Technically, the double-bottom 'W' pattern implies a potential 14% breakout toward $165. Trading around $143, SOL needs to clear the $146 neckline to target $157, and subsequently reach the $163-$165 range. However, failure to break out or renewed market weakness could see Solana retreat to its $136 support level, invalidating the immediate bullish forecast.
(Source：BeInCrypto)