Solana Stuck in Trading Range as Analysts Predict Price Action
Solana's price has been stuck in a tight trading range between $120 and $145 since early November. The altcoin hit local lows three weeks ago, but this week it climbed over 13% from its yearly opening, breaking a three-month downtrend.
The cryptocurrency reached a one-month high of $143.4 before sellers stepped in, indicating that the price is facing strong resistance at around $144. Market analyst Crypto Batman pointed out that Solana may be forming an inverse Head and Shoulders pattern since fourth-quarter corrections, with the neckline near $145.
This could signal the right shoulder is developing, requiring a drop to late November lows before any potential breakout. However, King Arthur, another analyst, offered a contrasting view, stating that clearing the $143 level would open the door to $152, lost during the Nov. 13 breakdown.