- Solana’s bullish pennant and flag patterns signal potential price targets of $180 and $195 on the 1-hour chart.
- The inverse head and shoulders formation suggests an upward breakout, providing a strong long entry point.
- Traders are closely watching for Solana’s price to hit $180 soon, with a longer-term target of $195 following the bullish momentum.
The prospects of Solana to reach new highs are possible to read from the technical indicators on the 1-hour chart targeting $180 and $195. The market has formed two prominent patterns: a bullish pennant and a bullish flag as it points to a solid support on the higher time frames as Solana continues to uptrend. Many traders and analysts are focusing on these kinds of patterns in order to determine the next step to be taken.
Bullish Patterns Driving Momentum
Two technical formations that are relevant today in the Solana market are the bullish pennant and bullish flag patterns. These patterns point to more upside price action, at least to the $195 level once the bullish pennant form is completed. The other shorter-term bullish flag aims at $180 which is expected to be achieved soon.
#Solana TA: Targets at $195 out the Bullish Pennant on the 1hr. Target of $180 out the Bullish Flag about to be realized.
Note: Inverse Head and Shoulders is the most popular crypto market maker pattern to shake out retail. Learn it. DO NOT GET SHAKEN OUT ON THE H&S!
Trade it.… pic.twitter.com/mHFkB339uw
— MartyParty (@martypartymusic) October 24, 2024
Another interesting pattern distinct from the H&S formation that is clearly visible from the chart is an inverse H&S formation which informs market makers that it is time to take profit off the table from retail traders. The inverse H&S pattern is a pattern that traders should take particular notice of as they are likely to represent points of reversal in the market. Therefore, it is expected that Solana’s price will begin to rise and cross to the other side, supported by these patterns.
Understanding the Inverse Head and Shoulders
The inverse H&S pattern consists of three components: one left shoulder, one head and a right shoulder. This formation often leads the retail investors in the wrong direction; expecting bearish action. However, when the right shoulder breaks the trend line upwards then traders have to long because it will reach higher prices.
Many traders know this formation as the inverse head and shoulders where the right shoulder is a valuable opportunity to enter when it goes through the peak. In this instance, the highest returns are therefore achieved when getting long the stock and not when being shaken out by volatility.