Ethereum killer, Solana (SOL), is making a bullish double bottom pattern, according to an X user who goes by the pseudonym Joe Swanson. The netizen wrote, “$SOL formed a clean double bottom on the weekly, with buyers defending $120 twice.” Swanson’s analysis targets $212 as long as the bulls defend the $140–$145 support level.
Solana is currently priced at $192 after gaining more than 15% during the past 7 days. When the markets opened for trading, Solana was priced at $167; however, as the week progressed, the bulls got the upper hand in the market and drove the prices higher.
Solana may hit $300 in the long term despite facing multiple resistance levels
On the daily chart, SOL is taking the form of the Bullish Bat Harmonic pattern. Since the pattern is not complete, there is still room for SOL to gain value until it reaches $290. The Bat pattern is a simple XABCD harmonic pattern that consists of four price swings and five pivot points — X, A, B, C, and D.
Inside a Bullish Bat Pattern, the price goes through a sequence of moves that set up a potential reversal to the upside. Initially, the price makes a strong bearish move from point X to point A.
Thereafter, the price retraces upward from A to B, typically around 38.2% to 50% of the XA leg. The rise is followed by a drop from B to C—8.2% to 88.6% of the AB leg. Finally, the price rallies slightly from C but then declines to D. However, since the pattern is not completed, Solana could keep moving upwards, although it may find resistance along the way. The main resistance levels that could slow Solana’s rise are at $205, $221, $240, and $261.
