Amid the ongoing recovery sentiment in the crypto market, the Solana price rebounded from the local support of $12.75. this bullish reversal carried the price rally of 15.3% in the last two days. Moreover, this price jump triggered a bullish double-bottom pattern increasing further growth potential in Solana.

Key points

• Completing the double bottom pattern, the Solana price is poised for an 11% rise.
• The daily- candle closing below the $14.4 mark will invalidate the bullish thesis.
• The 24-hour trading volume in the Solana coin is $836 Billion, indicating a 19% gain.

Source-Tradingview

In response to the recent uncertainty in the crypto market, the Solana coin price resonated in a defined range stretched from $15 to giving it a closer look; this consolidation shows the formation of a double bottom pattern.

In technical analysis, this bullish reversal pattern is quite famous at the market bottom, encouraging a directional rally upon the break out of its neckline resistance. Thus, with a 5.7% intraday price jump, the Solana price gave a massive breakout from the $14.4 neckline resistance.

After a daily candle closing above the $14.4 resistance, the prices are expected to revert lower and retest the breached level as possible support. The new flip support will act as a launchpad to bolster further price growth. In theory, the potential target for this pattern is the same distance covered between the neckline and base support shot from the breakout point.

Thus, a post-retest rally shall drive the Solana Price 11% higher to hit $8.57

On a contrary note, the in-between resistance of $15 has registered bullish growth since last month. Therefore, a daily candle closing below the $14.4 mark will weaken the bullish thesis and continue the following consultation for longer periods. 

Thus, traders look for a safer entry for buying above the $15 mark.

Technical indicator

Relative strength index: the RSI indicator, which reflects the strengths of recent price action, suggests a bullish outlook. Despite the sideways trend, the indicator slope constantly rises, suggesting increasing bullish momentum, which supports the $15 breakout.

EMA’s: the recent price pierced the 20 DMA slope, which offers an extra edge for buyers

Resistance level- $14.3 and $15

Support levels- $2.75 and $11.3