Solana (SOL) Chart Analysis: Potential Bullish Reversal
This analysis examines the Solana (SOL) price chart on the 4-hour timeframe, highlighting a technical pattern that suggests a possible bullish reversal.
Adam and Eve Double Bottom Pattern:
The chart appears to be forming an Adam and Eve double bottom pattern. This pattern is generally considered bullish and indicates a potential reversal of a downtrend. Here's a breakdown of the pattern:
Two Lows: The pattern consists of two troughs, or lows, in the price data. The second trough (Eve) is typically higher than the first trough (Adam).
Separating Candlestick: Between the two troughs lies a central candlestick peak that represents the failed attempt by sellers to push the price lower. The height of this candlestick is typically lower than the height of both Adam and Eve.
Neckline: A neckline is drawn by connecting the lowest points of Adam and Eve. A breakout from this neckline, ideally with increased trading volume, could signal an upward move in price.
Target Price:
Based on the Adam and Eve double bottom pattern, a potential target price for SOL could be determined by measuring the vertical distance between the neckline and the bottom of Eve. Adding this distance to the breakout point above the neckline would provide a theoretical target.
Important Considerations:
Technical analysis is a valuable tool, but it's not a guaranteed predictor of future price movements. Other factors like market sentiment, news events, and overall market trends can influence the price.
Adam and Eve Double Bottom Pattern:
The chart appears to be forming an Adam and Eve double bottom pattern. This pattern is generally considered bullish and indicates a potential reversal of a downtrend. Here's a breakdown of the pattern:
Two Lows: The pattern consists of two troughs, or lows, in the price data. The second trough (Eve) is typically higher than the first trough (Adam).
Separating Candlestick: Between the two troughs lies a central candlestick peak that represents the failed attempt by sellers to push the price lower. The height of this candlestick is typically lower than the height of both Adam and Eve.
Neckline: A neckline is drawn by connecting the lowest points of Adam and Eve. A breakout from this neckline, ideally with increased trading volume, could signal an upward move in price.
Target Price:
Based on the Adam and Eve double bottom pattern, a potential target price for SOL could be determined by measuring the vertical distance between the neckline and the bottom of Eve. Adding this distance to the breakout point above the neckline would provide a theoretical target.
Important Considerations:
Technical analysis is a valuable tool, but it's not a guaranteed predictor of future price movements. Other factors like market sentiment, news events, and overall market trends can influence the price.
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The patterns that make up the whole though.
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There is also a pennant on the 4hr. Stops and break out should be clear.
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Break out
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Nice advancement.
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Still bullish for Sol.
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As long as we stay above $173 on the weekly I’m super long sol.
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Do or die moment
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Losing support at $173 on the weekly would flip bearish.
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The daily is still holding. Remember the weekly has to close under $173 to become full bear.
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The Solana network is congested right now with all the meme coins and spam.
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Sol chart has followed the accompanying Adam and ever pic example almost to a Tee. I’ve been long since sub $20 and have taken enough profits to renovate my entire home from sol alone. Some say it’s gonna follow the eth fractal to 2k so keep an eye on that.
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