Solana Rebounds Strongly
The recent pullback in the cryptocurrency market has given way to a slight recovery, with Ethereum (ETH) regaining ground after dropping to $3,357. Following this momentum, several altcoins have also seen improvements, with Solana (SOL) leading the pack.
SOL is currently showing a 3% increase, extending its monthly rally of 13%. Its most recent chart reveals a key harmonic pattern that could indicate a short-term uptrend for this cryptocurrency.
Analysis of Solana’s (SOL) Harmonic Pattern
On the daily chart, SOL is forming a bearish ABCD harmonic pattern, a structure that, despite its name, often includes a bullish CD leg before reaching the final potential reversal zone (PRZ). The movement began with a rally from point A near $145.35 to point B, followed by a retracement to point C around $155.91, where buyers stepped in. Since then, SOL has climbed to approximately $167.39, suggesting that the CD leg is currently in progress.
If the pattern unfolds according to the traditional ABCD framework, the CD leg could extend to the 1.20 Fibonacci projection of the BC leg, placing the PRZ around $216.56, approximately 28% higher than current prices.
Outlook for SOL
If the bullish momentum continues, SOL could push toward the $216.56 zone. However, this level could act as major resistance, where profit-taking or temporary corrections are possible. On the downside, the 200-day moving average near $161.88 represents crucial support for maintaining the bullish structure.
In conclusion, the ABCD harmonic pattern observed on Solana’s (SOL) chart appears to indicate short-term upside potential. While consolidation phases are possible, the technical outlook for this cryptocurrency seems favorable in the medium term. Savvy investors will closely monitor the evolution of this trend.
How to Buy Solana (SOL) on Bitget ?
Here’s a guide to capitalize on SOL’s imminent explosion :
- Sign up on Bitget : Create an account on Bitget via the official website or mobile app. Provide an email address or phone number, then complete the identity verification (KYC).
- erification (KYC).
- Deposit funds : Deposit fiat currency (EUR, USD, etc.) via bank transfer or card, or transfer cryptocurrencies from another wallet.
- Access the SOL market : Go to the trading section and select the SOL/USDT or SOL/USD pair. Bitget offers spot trading options or with leverage (x3 recommended).
- Place a buy order : Choose a market order to buy immediately at the current price (around 180) or a limit order to target 178-180. Verify and confirm.
