Solana (SOL) May Have Formed a Double Bottom — Targets $142, $156, $172
Solana (SOL) appears to have tested a swing low around $121–$123 and formed a potential double bottom, suggesting the macro bottom may be in. On shorter timeframes SOL traded inside a descending channel but met a major ascending trendline and strong horizontal support near $126–$123. Momentum indicators (Stochastic RSI on 4‑hour and weekly charts, plus daily RSI breakout) point to rising upside momentum. If SOL can hold and consolidate above these supports, near-term resistance targets are $142 (first resistance), the top of the descending channel, $156, and a trend-confirming higher high at $172. A sustained move to $175 could open a path back toward the macro swing high at $253. The article frames this setup as bullish across weekly and multi‑week indicators but reminds readers this is analysis, not financial advice.
Bullish
The analysis identifies classic bullish reversal signals: a potential double bottom at $121–$123, confluence of a major ascending trendline with strong horizontal support, and momentum indicators (Stochastic RSI, daily RSI breakout) turning positive across multiple timeframes. These factors increase the probability of a rebound and defined upside targets ($142, $156, $172). Historically, cryptocurrencies that form reliable double bottoms at multi‑timeframe support with confirming momentum (e.g., previous BTC and ETH recoveries) have produced strong short‑term bounces and medium‑term trend changes when volume and macro conditions align. Short term, traders can expect increased volatility and a likely bounce toward the listed resistance levels; stop placement below the $121–$123 support would be prudent. Long term, a confirmed higher high above $172–$175 would be required to shift the macro trend toward bullish conviction and open the path to prior highs (e.g., $253). Risk remains: failure to hold the $121–$123 zone or lack of follow‑through volume would invalidate the setup and produce further downside.