Solana ($SOL) has been turned bullish following the breakout of a bullish price action pattern. This breakout has not only shifted sentiment among investors and traders, but also raised hopes that SOL could soon skyrocket in the coming days. SOL recently broke out from a bullish inverted Head-and-Shoulder pattern on the daily time frame. Based on historical data, whenever an asset breaks out from this H&S pattern, it tends to skyrocket significantly.
This time, SOL has experienced a bullish breakout over a longer period and is aiming for a higher rally in the coming days. If SOL closes a daily candle above the $164 level, there is a strong possibility it could soar by 20%, reaching the next resistance level of $195 in the coming days.
As of now, SOL’s open interest has risen significantly, indicating strong interest from traders following the breakout. This notable rise in open interest suggests the buildup of new positions during this period. Additionally, it marks the highest level since the beginning of October 2024.
As of now, at the time of writing this article, Solana is trading around $167 and has seen a massive of over 100% in its 24 hours trading volume. Also, its price has seen a surge of 5.65% in the last 24 hours and over 10% in the past seven days.