Solana (SOL) completed a double bottom formation on the 4-hour chart, leading to a significant price increase and break of key levels.
Double Bottom Formation
Solana completed a double bottom formation on the 4-hour chart, confirming strong buying interest at levels reached in late July and early August. This pattern halted further downside pressure.
Support and Further Targets
Following the breakout, SOL's price rose from around $175 to above $210, recording gains of more than 20%. Currently, support remains in the $185–$190 range, setting the stage for a potential further rise of 14% towards target levels of $215–$220.
Current Market Performance
Solana is now trading at $203.97 with a 24-hour trading volume of $8.58 billion. The price has risen by 9% over the last 24 hours and by 13% over the past 7 days. Analysis indicates that breaking the resistance around $210 could pave the way towards the next supply zone between $235 and $240.
Solana shows strong signs of recovery, but confirmation of breaking key resistance levels and maintaining positions remains critical for further growth.
