Solana’s Bullish Flag About to Hit $180—How the Pennant Pattern Could Push It Higher
- Solana’s bullish pennant and flag patterns signal potential price targets of $180 and $195 on the 1-hour chart.
- The inverse head and shoulders formation suggests an upward breakout, providing a strong long entry point.
- Traders are closely watching for Solana’s price to hit $180 soon, with a longer-term target of $195 following the bullish momentum.
The prospects of Solana to reach new highs are possible to read from the technical indicators on the 1-hour chart targeting $180 and $195. The market has formed two prominent patterns: a bullish pennant and a bullish flag as it points to a solid support on the higher time frames as Solana continues to uptrend. Many traders and analysts are focusing on these kinds of patterns in order to determine the next step to be taken.
Bullish Patterns Driving Momentum
Two technical formations that are relevant today in the Solana market are the bullish pennant and bullish flag patterns. These patterns point to more upside price action, at least to the $195 level once the bullish pennant form is completed. The other shorter-term bullish flag aims at $180 which is expected to be achieved soon.
Another interesting pattern distinct from the H&S formation that is clearly visible from the chart is an inverse H&S formation which informs market makers that it is time to take profit off the table from retail traders. The inverse H&S pattern is a pattern that traders should take particular notice of as they are likely to represent points of reversal in the market. Therefore, it is expected that Solana’s price will begin to rise and cross to the other side, supported by these patterns.
Understanding the Inverse Head and Shoulders
The inverse H&S pattern consists of three components: one left shoulder, one head and a right shoulder. This formation often leads the retail investors in the wrong direction; expecting bearish action. However, when the right shoulder breaks the trend line upwards then traders have to long because it will reach higher prices.
Read CRYPTONEWSLAND on google newsMany traders know this formation as the inverse head and shoulders where the right shoulder is a valuable opportunity to enter when it goes through the peak. In this instance, the highest returns are therefore achieved when getting long the stock and not when being shaken out by volatility.
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Phantom issues emergency patch after update knocks users from iOS wallet app
This app introduces new DeFi strategies, including those powered by RWAs
U.S. money market fund assets exceed $7 trillion for the first time
SEC Chairman Gary Gensler Makes Final Lobbying Call for US Crypto Regulation