Solana Bulls Reclaim Control After Weeks of Selling, Eye 14% Breakout
Solana shows signs of a bullish reversal with an inverse head-and-shoulders pattern and net SOL outflows from exchanges, targeting a 14% breakout.Summary
Solana's price is nearing $90, exhibiting a bottoming structure on its daily chart with buyers driving net outflows from exchanges for five consecutive sessions. This suggests a potential 11% rebound and a developing reversal pattern, with buyers absorbing supply faster than sellers can place it. Technical indicators, including a potential bullish crossover of the 20-day and 50-day EMAs, support this optimistic outlook. However, a significant supply cluster of approximately 5.41 million SOL concentrated just above the current price acts as a key resistance level. A decisive breakout above the inverse head-and-shoulders neckline at $96.95 could trigger a 14.45% surge, potentially pushing SOL towards $111.00. Conversely, failure to hold above $90.03 could lead to a decline, with $81.29 serving as a critical invalidation floor for the bullish pattern.
(Source：BeInCrypto)