Crypto researcher Josh Olszewicz recently identified an exceptionally positive technical situation building for Solana’s SOL token against the US dollar. Olszewicz noted in a tweet that the inverse head and shoulders (H&S) pattern appears to be improving over Ethereum’s chart.
In the midst of the wider cryptocurrency crisis, Solana’s price crashed over 95% to a low of $8 by the end of 2022 after peaking at $260 in November 2021. But in January 2023, there was a turnaround, with SOL rising to about $26.
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Since mid-January, SOL’s charts have shown how this price movement has fashioned the head and shoulders of an inverted H&S pattern.
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Olszewicz determined that the critical neckline resistance was at $25.81. A clear break above this mark would validate the reversal of the bullish trend.
Olszewicz indicated possible upside objectives at $33.85 and $38.82 if the neckline is broken using Fibonacci extensions. This indicates potential profits from current prices of 35–55%.
While the growing inverse H&S shows a very bullish setup, traders anticipate a significant breakout over the $25.81 neckline with sufficient volume before confirming the positive expectations. Thus far, the level of near-term resistance has maintained.
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As is the case with any technical analysis, the pattern could or might not follow the predicted path. Olszewicz draws attention to SOL’s beneficial structure in light of the many market obstacles. A verified breakthrough can indicate a dramatic shift in the cryptocurrency’s direction.
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