An Inverse Head and Shoulders pattern is forming on Solana's 4-hour chart, which could signal a rise towards $143.
Bullish Momentum for Solana After Reclaiming Key Levels
According to analysis by Big Cheds, Solana has regained its $125 resistance level and broke above the 4-hour 200 MA and EMA. The price is now stabilizing above $129, with intraday movement briefly pushing past $133.
Support at $125 and Growth Predictions
Analyst Momin noted that Solana's breakout above the upper descending trendline suggests strengthening. He stated that 'a weekly close above $120' could initiate a move towards $180. This view was echoed by Ansem who forecasted a potential multi-week rally if key levels hold.
On-Chain Metrics and Technical Movement Indicate Further Growth
The Inverse Head and Shoulders pattern unfolding on the 4-hour chart has garnered attention. If the neckline is broken with strong volume, the pattern suggests a move toward $143. Data shows that Solana's open interest rose by 8.13%, with short liquidations totaling over $14 million in 24 hours. The MACD registered a bullish crossover, and RSI at 51.89 reflects a neutral-to-bullish stance.
Analysts continue to monitor Solana's movement in the coming days, focusing on whether the price can reach the $143 level if the pattern is confirmed.
