TLDR:
- SOL is trading around $150 after forming support at $142
- Technical analysis shows a bullish inverse-head-and-shoulders pattern on SOL/BTC charts
- Key resistance levels are at $152 and $155
- A breakout above $155 could send SOL toward $165
- Analyst Josh Olszewicz predicts potential late May surge for Solana
Solana has been showing signs of recovery after establishing a solid base above $135. The cryptocurrency recently started an upward movement, breaking through the $140 and $142 resistance levels. SOL is currently trading above $145 and the 100-hourly simple moving average, indicating potential for further growth.
The price action shows a consolidation phase after reaching a high of $153.30, followed by a pullback to around $145. This pattern suggests that traders are gathering strength for a possible upward move.
Technical charts reveal a contracting triangle formation with resistance at $152 on the hourly chart. This triangle pattern often precedes a decisive price movement.
Solana is facing immediate resistance near $149.50, with major resistance zones at $150 and $152. If SOL manages to break above these levels, it could trigger a steady increase toward the $155 mark.
A successful breach of the $155 resistance might propel the price toward $165, representing a substantial gain from current levels.
Impressive Pattern Formation
On the SOL/BTC chart, veteran trader Josh Olszewicz has identified a textbook inverse-head-and-shoulders pattern forming since early March. This pattern is considered bullish and often signals a reversal after a downtrend.
The pattern shows a March 19 low at 0.00127 BTC (approximately $120) forming the head, with higher swing lows on either side creating the shoulders. The neckline of this pattern sits around 0.00162 BTC.
1D SOL/BTC
iHS +E2E at some point but not soon, prob late May pic.twitter.com/Qrxzntjsja
— #333kByJuly2025 (@CarpeNoctom) April 27, 2025
The chart is overlaid with an Ichimoku cloud configuration, adding more technical context to the analysis. The Tenkan-sen is at 0.00150 BTC, while the Kijun-sen aligns with the neckline at 0.00162 BTC.
If Solana breaks through the neckline, the technical objective based on the pattern amplitude would be near 0.00195 BTC. This coincides with the lower boundary of the Ichimoku cloud.
Olszewicz suggests that while this bullish setup is promising, the breakout might not occur immediately but rather “probably late May.” This timing aligns with when the Ichimoku cloud thins materially.
The symmetry of this pattern is particularly noteworthy. From mid-December to early February, SOL/BTC formed the opposite pattern – a head-and-shoulders – which led to the February decline.
For the current bullish scenario to be confirmed, SOL must decisively break above 0.00162 BTC. If this happens, Solana could gain approximately 26% against Bitcoin from current levels.
On the downside, if SOL fails to rise above the $150 resistance, it might start another decline. Initial support can be found near $147, with major support at $145.
Should the price break below $145, it could decline toward $138. A close below this level might send SOL toward $132 in the near term.
At press time, Solana is trading at approximately $149, showing resilience despite market fluctuations.
The daily technical indicators show mixed signals. The hourly MACD for SOL/USD is losing pace in the bullish zone, while the hourly RSI is below the 50 level.
Solana’s recent price action demonstrates that after a challenging winter period, bulls finally have a pattern worth defending. The coming weeks will be crucial in determining whether SOL can capitalize on these bullish technical formations.
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