Solana shows signs of recovery after a recent decline, approaching key resistance levels after testing historical support at $100.
Market Challenges and Solana's Recovery
Solana is experiencing key resistance after bouncing from support around $100. Recent activity indicates a recovery attempt following a sharp decline from early 2024 highs. The price is now testing structural levels that previously acted as breakout points.
Inverse Head and Shoulders Formation
Analyst Titan of Crypto provided additional insights based on a 4-hour Solana chart, using a pattern-based approach. He identified an Inverse Head and Shoulders structure that formed between March 29 and April 12, including a deep head, two symmetrical shoulders, and a rising neckline.
Market Outlook and Trends
Observing market trends, Titan of Crypto noted that the candles displayed momentum and clean structural symmetry post-breakout. The analysis suggests that a breakout above $132.13 may revive bullish momentum, and maintaining the price above the neckline is crucial for reaching the target of $145.
Solana shows recovery in the market, but overcoming key resistance levels is necessary for sustained bullish movement. The analysis outlines potential targets and risks that traders should consider.
