What to Expect Next in Solana? Analyst Evaluated

Famous cryptocurrency analyst Omkar Godbole said that there is a "rising regression" model in the price chart of Solana (SOL).

In a recent analysis, Godbolev noted that the price of SOL has increased by over 7% this week, reaching $193, and has rebounded from a significant trendline support level.

According to the analyst, the trend line in question forms a descending channel that connects the highest levels of March and July to the lowest levels of April and August, encompassing SOL's long-term fluctuations from March to October. At the beginning of this month, SOL confirmed its upward trend by breaking out of this channel. Solana quickly rose above $260 before pulling back to the breakout point, forming a pattern that technical analysts refer to as an 'ascending regression model'.

According to the analyst, for SOL, the recovery support coming from the breakout level reconfirmed and signaled the renewed upward momentum. According to the analyst, if this trend continues, early profit-taking traders may re-enter the market, further fueling the upward momentum.

Although the ascending regression formation holds promise, analysts warn that the success of the formation depends on SOL maintaining its support at the breakout level. Failure to do so could invalidate the formation and send prices back to the decreasing channel.