What to Expect Next in Solana? Analyst Assessed

Renowned cryptocurrency analyst Omkar Godbolev said that there is a “bullish regression” pattern on the price chart of Solana ($SOL).

In a recent analysis, Godbolev noted that the price of $SOL has risen by over 7% this week to $193, rebounding from a key trendline support level.

According to the analyst, the trendline in question connects the highs of March and July to the lows of April and August, creating a descending channel that encompasses $SOL’s long-term swings from March to October. Earlier this month, $SOL broke out of this channel, confirming its bullish trend. Solana quickly rose above $260 before pulling back to the breakout, creating what technical analysts call a “bullish regression pattern.”

For $SOL, the rebound from the breakout level reaffirmed support and signaled renewed bullish momentum. If this trend continues, traders who took early profits could re-enter the market, further fueling the upward momentum, he said.

While the bullish regression pattern is promising, analysts warn that the pattern’s success depends on $SOL maintaining support at the breakout level. Failure to do so could invalidate the pattern and send prices back into the descending channel.

*This is not investment advice.