Head and Shoulders Pattern Points SOL Price to $219
Crypto analyst Melikatrader has identified a head and shoulders pattern on Solana’s daily chart. After SOL retraced below the $160 neckline, Solana price may retest and reclaim this level. If successful, this setup could trigger a rally toward the $219.84 target. An ascending trendline marked by higher lows further supports a bullish outlook for the Solana price.
Alternatively, failure to break back above the neckline could push SOL price down to the next support at $136.34. Traders should watch the $160–$200 range for entry points and manage risk around these pivotal levels.
Bullish
Analyst Melikatrader’s breakdown and potential retest of the $160 neckline align with bullish technical setups often seen in reversed head-and-shoulders patterns. The ascending trendline and successive higher lows add to the positive signal. If SOL reclaims the neckline, it could spark short-term buying and drive momentum toward the $219 target, representing roughly 37% upside from current levels. Historical precedents, such as SOL’s July 2022 head-and-shoulders retest, demonstrate that successful breakouts can lead to sustained rallies. For traders, the key levels at $160 and $136.34 will guide risk management and entry decisions in both the short and long term.