Solana (SOL) has experienced a strong bullish trend over the past 12 hours, with its price surging to around $170, marking a new two-month high. This rally has been driven by both technical patterns and derivative traders increasing their long positions. The formation of an inverse head-and-shoulders pattern has ignited bullish sentiment, signaling a potential trend reversal that could push SOL toward the $190 to $250 range by the end of October (blockonomi)(Crypto2Community).
Current technical indicators show strong support around the $150 level, while $160 is acting as the key psychological barrier. If SOL manages to break through the $180 resistance, further gains are likely (thecurrencyanalytics) (fxempire). The Relative Strength Index (RSI) hovers near 64.89, suggesting that while SOL isn’t yet in overbought territory, caution is advised as it approaches higher resistance (Crypto2Community).
Overall, positive market sentiment, boosted by favorable macroeconomic conditions and continued staking activity, supports a bullish outlook for Solana, with further upside potential if key resistance levels are broken.