Solana (SOL) price analysis

The failure of a bearish pattern is a bullish sign, as it traps several aggressive bears who start short positions in anticipation of the formation’s completion. When the pattern becomes invalid, the bears rush to cover their positions, resulting in a short squeeze.

The constant buying from the bulls has pushed the price to an all-time high today. If the bulls can keep the price above $ 18.20, the SOL / USDT rate could rise to $ 24.84.

Conversely, if the price falls from the current level, a fall to the 20-day EMA ($ 14.60) is possible. A strong recovery of this support will indicate that the bulls are accumulating at lower levels and will increase the likelihood of resumption of the uptrend

The 4-hour chart shows a sharp rise from $ 12.30 to $ 19.26. This pushed the RSI into the overbought territory, suggesting that the pair may be open to retracement in the short term.

If the bulls can keep the price above $ 18.20, it will show that the resistance has turned into support and the uptrend can continue.

This bullish outlook will be invalidated if the bears break the price below the 20-EMA. Such a move could keep the pair tied to the price range for several days