TLDR:
- Solana forms an inverse head and shoulders while trading inside a larger falling wedge structure.
- The neckline breakout would match Don’s projected $160 target based on pattern measurement.
- CoinGecko data shows SOL trading near $137 with strong weekly performance.
- The major ascending trendline remains the key support anchoring the reversal setup.
Solana is approaching a critical technical zone as chart data shows a clear inverse head and shoulders structure forming. The pattern aligns with trader Don’s latest update, which points to a possible breakout toward $160.
The move develops while Solana trades near $136 and continues to compress inside a broader falling wedge. Current price data from CoinGecko shows mild intraday weakness but steady gains over the past week.
Solana Inverse Head and Shoulders Pattern Points to $160 Target
The recent chart shared by Don shows a compact inverse head and shoulders pattern. The formation includes the left shoulder, the deeper head, and a rising right shoulder.
Its neckline sits slightly above current price levels, creating a clear breakout trigger. The structure indicates a potential shift in short-term momentum.
The pattern is forming on top of a major ascending trendline marked in blue.
This trendline has held firm across multiple touchpoints. It forms the structural base supporting the current reversal. The pattern’s symmetry increases confidence in the setup.
Solana also trades inside a broad falling wedge. White trendlines widen at the top and converge toward recent price action. The wedge reflects cooling selling pressure and tightening volatility. Compression within this structure often leads to decisive moves.
A neckline break would activate the measured move. The projected target aligns with Don’s $160 level. Don notes that the move could unfold abruptly as price nears the wedge’s apex. The chart’s geometry supports that timing.
Market Context and Key Levels for Solana Price Action
Per CoinGecko data, Solana trades at $136.98 with a daily dip of 0.18 percent.
Trading volume stands above $2.7 billion over the past 24 hours. The token gained 5.56 percent over the past week. Market conditions show steady participation during the pattern’s formation.
Don’s chart reveals a clear invalidation level.
A drop below the right shoulder low would weaken the structure. A breakdown of the blue trendline would also limit the reversal outlook. These levels mark the boundaries of the bullish case.
The confluence of the wedge and the inverse head and shoulders strengthens the setup. Each pattern favors upward continuation when confirmed.
The alignment reinforces the technical structure Don referenced in his post. Traders now watch the neckline zone closely.
The weekly trendline continues to anchor price behavior. Its durability supports the broader recovery framework. With compression tightening, volatility may return quickly. Market reactions around the neckline will define the next swing.
The post Solana Price Eyes $160 as This Key Pattern Takes Shape: SOL Price Analysis appeared first on Blockonomi.
Source: https://blockonomi.com/solana-price-eyes-160-as-this-key-pattern-takes-shape-sol-price-analysis/