Following the neckline breakout, Solana’s price has seen a noteworthy increase, closely matching CryptoBusy’s’ projections based on the double-bottom pattern. They had anticipated an approximate 7% rise from the breakout point, a target nearly achieved in recent trades. Significant price movements like this usually correlate with an increase in trading volume, further confirming the bullish trend.
At the time of writing, Solana traded at $152.82, and from a 24-hour trading volume of around $2.85 billion, the support is huge. Thus, the price in a single day has increased by 6.13% and gives a lot of support for its strong weekly performance.
A critical element in Solana’s recent price surge is the double-bottom pattern observed in its trading chart. This pattern features two distinct lows at a similar level, separated by a moderate peak. Recognized as a bullish reversal indicator, this pattern suggested a potential shift from a downward to an upward trend. The breakout above the pattern’s neckline, which is marked by the peak between the troughs, has played a crucial role.
Over the hour, SOL reached a high of $154.16 and a low of $153.12, closing slightly up by $0.34 or 0.22%. The trading volume appeared steady, with noticeable fluctuations in activity, as depicted in the volume bars.
Technical indicators such as the Relative Strength Index (RSI) stood at 66.34, suggesting a slightly bullish momentum without entering the overbought zone. The price moved between the Bollinger Bands, and the market’s volatility is reflected in the bands’ width. It stayed mostly above both the short-term (20-period SMA) and longer-term (50-period SMA) moving averages, indicating a potential uptrend persistence.
Despite the overall slight downturn of 0.20%, in the global cryptocurrency market, Solana’s recent gains notably contrast with the general market trend. However, it is important to note that compared to other cryptocurrencies under the FTX Holdings umbrella, Solana’s gains of 9.10% slightly lag behind the 11.40% increase seen in similar assets, per CoinGecko.
