Analysts Divided: Will SOL Price See $27 as a Result of Bullish Movements?

Crypto News – Today’s price increase of 3.08% for Solana (SOL) makes it the top gainer among the top 100 coins sorted by market capitalization.

Analysts Divided: Will SOL Price See $27 as a Result of Bullish Movements?

Since the start of the year, the price of SOL has risen following a long-term rising support trendline. More recently, on September 11, the price bounced off the support line and started moving higher.

On September 28, the price of SOL broke out from a trendline of descending resistance (dashed), quickening the rate of increase even further. SOL continues to trade below the $27 resistance region despite the breakout. The price movement results in an ascending triangle, which is regarded as a bullish pattern when combined with the $27 region. The identical ascending triangle is depicted by well-known trader Beastlyorion, who notes that the price is moving upward.

The price of Solana is expected to rise, according to Crypto Rand. Several short-term breakouts from descending resistance trendlines have been described by him, and ShardiB2 has recorded a string of bullish daily closures. Carpe Noctom offers perhaps the most intriguing view, displaying a gigantic inverse head and shoulders (H&S) pattern that has been forming since February. The opposite of the head and shoulders is a bullish pattern, just like the ascending triangle.

Highest Price Since August 2022

In the daily time period, an ascending triangle and an inverse H&S are both bullish patterns that are discernible, as previously mentioned. Both patterns are favorable for the current upward trend and a potential breakout. The H&S pattern’s trendline is ambiguous because of the spike in July (green circle). In the triangle’s situation, $27 serves as resistance.

A price gain that reaches the full height of the patterns (black) in the event that the altcoin breaks out could push the price as high as $40. Since August 2022, the price hasn’t risen this much (66% more), making this the highest price yet.