HomePrice PredictionsSOLSOL Forms Bullish Reversal Pattern, But Neckline Stands Firm!

SOL Forms Bullish Reversal Pattern, But Neckline Stands Firm!

Date:

Solana Technical Analysis: 9 MAY 2025

Alt Coin Beacon - SOLUSDT_2025-05-08_23-51-37

Solana reclaims the key supportive levels. Source: TradingView

General View

Price has steadily climbed in recent days, reclaiming lost ground and pushing back into a key structural zone. The recent breakout above trendline resistance has tilted sentiment in favor of the bulls, with price now resting above a newly emerging support zone. Notably, an inverse head and shoulders pattern is beginning to form. However, the neckline sits at a key resistance level, making it a critical battleground for both sides.

On The Upside

If bulls maintain pressure above the emerging support, the next immediate challenge lies near the neckline zone at $162 to $165. A successful breakout above this threshold could confirm the inverse head and shoulders formation, potentially opening the door to a rally toward $185 with intra-day resistances at $172 and $175. 

On The Downside

Should price falter and slip below the emerging support band, short-term momentum may cool off, paving the way towards potential profit-taking. The intra-day supports for the session are at $155 to $152 levels. As long as Solana remains above these supports, bulls are going to hold control.

Alt Coin Beacon - SOLUSDT_2025-05-08_23-54-41

Inverse head and shoulder pattern is appearing on Solana. Source: TradingView

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Usman Ali
Usman Ali
A writer and market analyst with expertise in cryptocurrencies. He focuses on delivering clear, insightful, and well-structured content, emphasizing advanced trading strategies and in-depth market analysis. His writing style prioritizes clarity and professionalism, ensuring that complex market trends are easy to understand. He is keen on keeping his work organized, direct, and valuable for his audience.

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