Solana (SOL) Price Nears Critical Breakout
Since peaking at $259.9 in November 2021, SOL has trended downward, hitting a low of $25.9 in June 2022. A recent rebound suggests a potential double-bottom pattern — a classic bullish reversal indicator — supported by a bullish divergence on the weekly RSI (green line).
Key Observations:
- Technical Setup: SOL has tested a descending resistance line three times since October, with the daily RSI showing bullish divergence.
- Breakout Implications: A confirmed breakout could validate the long-term reversal, targeting the $35.8–$38.3 Fibonacci retracement zone (0.382–0.5).
- Support Levels: The $23 support zone (untouched since July 2021) remains critical.
👉 Discover how SOL's breakout could reshape market trends
Avalanche (AVAX) Avoids New Lows with Breakout
AVAX declined from its August high of $30.9, nearly retesting its annual low at $14.4 on October 13. The subsequent rebound saw a breakout above a short-term descending resistance line, potentially averting further downside.
Key Insights:
- Resistance Turned Support: The $15 zone held as final support before new annual lows.
- Next Targets: A confirmed breakout eyes the $22.7 resistance (0.5 Fib level), the last hurdle before the $30.9 peak.
- Invalidation Point: A drop below $13.7 would negate the bullish structure.
Why SOL & AVAX Could Signal Market Reversal
Both assets exhibit patterns suggesting correction endgames:
- SOL: Double-bottom confirmation aligns with bullish RSI divergence.
- AVAX: Breakout preserves its yearly low, keeping impulsive upside potential intact.
FAQ Section
Q1: What confirms SOL’s double-bottom pattern?
A1: A decisive breakout above the descending resistance line, coupled with RSI divergence, would validate the reversal.
Q2: How critical is AVAX’s $15 support?
A2: It’s the final defense before new lows; holding here maintains bullish momentum.
Q3: What are the upside targets for SOL?
A3: The $35.8–$38.3 range (0.382–0.5 Fib) is the initial confirmation zone for a sustained uptrend.
👉 Learn strategic entry points for SOL and AVAX
Q4: Could AVAX’s breakout fail?
A4: Yes, if price closes below $13.7, the bullish scenario becomes invalid.
Keywords: Solana (SOL), Avalanche (AVAX), bullish breakout, double-bottom pattern, Fibonacci retracement, RSI divergence, resistance levels.
Note: All speculative content. Conduct independent research before investing.
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