Despite the recent bearish sentiment, Solana (SOL) is showing signs of a potential breakout, with both technical and fundamental indicators aligning for a bullish move.
A trading expert has identified a recurring price pattern, suggesting that if historical trends hold, SOL could be on track to reach $565, signaling another major rally for the asset.
Solana technical analysis: Fibonacci model targets $565
Notably, Trader Tardigrade has highlighted a recurring trend in Solana’s price movements, where each breakout from an ascending triangle formation has consistently reached the Fibonacci 2.618 extension level.
Solana price analysis chart. Source: Trader Tardigrade/ X
This pattern has been a reliable indicator of SOL’s price surges, further strengthening the possibility of another upward move.
Currently, SOL is in the later stages of yet another ascending triangle. With the pattern now more than halfway complete, traders are watching for a breakout confirmation that cou
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