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Solana’s ‘Adam and Eve’ pattern outlines path to $220
The post Solana’s ‘Adam and Eve’ pattern outlines path to $220 appeared on BitcoinEthereumNews.com. Solana (SOL) is building on bullish momentum across the broader cryptocurrency market after reclaiming the $150 resistance level. Notably, technical indicators shared by crypto analyst Ali Martinez in an X post on August 23 suggested that SOL is poised to reclaim $200 while targeting a new record high. According to Martinez, a potential “Adam and Eve” pattern on Solana’s four-hour chart suggests the cryptocurrency could experience a substantial rally in the near term. This pattern is a classic chart formation often associated with bullish reversals. It typically features a sharp, V-shaped dip (the “Adam” portion) followed by a more rounded, U-shaped bottom (the “Eve” portion). The pattern is generally considered complete when the price breaks above the resistance level between the two bottoms. SOL price analysis chart. Source: TradingView As observed by Martinez, Solana recently experienced a sharp decline to approximately $108, followed by a bounce back to around $156, creating the “Adam” part of the pattern. The cryptocurrency formed a rounded bottom, or the “Eve” portion, which is still in progress. The analysis indicated Solana is approaching a critical resistance level near $164. If Solana successfully breaks through this resistance, the pattern suggests a potential upside target of $220, representing a 33% increase from the $164 resistance level. Martinez’s analysis highlighted the potential for a significant rally if the pattern continues. However, it’s crucial for Solana first to clear the $164 resistance, as failure could invalidate the bullish setup. SOL breaks out of the downtrend resistance line At the same time, another analysis shared by TraderSZ indicated that Solana is also primed for significant upward momentum. The expert noted that the decentralized finance (DeFi) token recently broke through a critical downtrend resistance line on its daily chart. This breakout, coupled with increased buying volume, suggests the potential for strong…
The post Solana’s ‘Adam and Eve’ pattern outlines path to $220 appeared on BitcoinEthereumNews.com.
Solana (SOL) is building on bullish momentum across the broader cryptocurrency market after reclaiming the $150 resistance level. Notably, technical indicators shared by crypto analyst Ali Martinez in an X post on August 23 suggested that SOL is poised to reclaim $200 while targeting a new record high. According to Martinez, a potential “Adam and Eve” pattern on Solana’s four-hour chart suggests the cryptocurrency could experience a substantial rally in the near term. This pattern is a classic chart formation often associated with bullish reversals. It typically features a sharp, V-shaped dip (the “Adam” portion) followed by a more rounded, U-shaped bottom (the “Eve” portion). The pattern is generally considered complete when the price breaks above the resistance level between the two bottoms. SOL price analysis chart. Source: TradingView As observed by Martinez, Solana recently experienced a sharp decline to approximately $108, followed by a bounce back to around $156, creating the “Adam” part of the pattern. The cryptocurrency formed a rounded bottom, or the “Eve” portion, which is still in progress. The analysis indicated Solana is approaching a critical resistance level near $164. If Solana successfully breaks through this resistance, the pattern suggests a potential upside target of $220, representing a 33% increase from the $164 resistance level. Martinez’s analysis highlighted the potential for a significant rally if the pattern continues. However, it’s crucial for Solana first to clear the $164 resistance, as failure could invalidate the bullish setup. SOL breaks out of the downtrend resistance line At the same time, another analysis shared by TraderSZ indicated that Solana is also primed for significant upward momentum. The expert noted that the decentralized finance (DeFi) token recently broke through a critical downtrend resistance line on its daily chart. This breakout, coupled with increased buying volume, suggests the potential for strong…
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