TLDR:
- Solana is forming an inverted head and shoulders as he trades inside a larger descending wedge structure.
- The neckline would match Don’s projected $160 target based on pattern measurement.
- CoinGecko data shows SOL trading near $137 with strong weekly performance.
- The major rising trendline remains the key support to anchor the reversal setup.
Solana approaching a critical technical zone as chart data shows a clear reverse head and shoulder structure forming. The pattern is in line with trader Don’s latest update, which points to a possible breakout towards $160.
The move develops as Solana trades near $136 and continues to compress inside a wider descending wedge. Current price data from CoinGecko shows mild intraday weakness but steady gains over the past week.
Solana Inverse Head and Shoulders Pattern points towards the $160 target
The latest chart shared by Don shows a compact inverse head and shoulder pattern. The formation includes the left shoulder, the deeper head and a traveling right shoulder.
Its neckline is slightly above current price levels, creating a clear trigger. The structure indicates a potential change in the short-term momentum.
The pattern is formed on top of a large rising trend line highlighted in blue.
This trend line has held firm across several contact points. It forms the structural base that supports the current reversal. The symmetry of the pattern increases confidence in the arrangement.
Solana is also trading within a broad descending wedge. White trend lines widen at the top and converge towards recent price action. The wedge reflects cooling selling pressure and tightening volatility. Compression within this structure often leads to decisive movements.
A broken neck would activate the metered move. The projected target is consistent with Don’s $160 level. Don notes that the move can develop abruptly as price approaching tip of the wedge. The geometry of the diagram supports that timing.
Market Context and Key Levels for Solana Price Action
As per CoinGecko data, Solana is trading at $136.98 with a daily dip of 0.18 percent.
Trading volume is over $2.7 billion in the last 24 hours. The token rose 5.56 percent in the past week. Market conditions show steady participation during pattern formation.
Don’s chart reveals a clear level of invalidity.
A drop below the right shoulder low would weaken the structure. A breakdown of the blue trend line would also limit the prospects for a reversal. These levels mark the limits of the bullish fall.
The confluence of the wedge and the reverse head and shoulders strengthens the setup. Each pattern favors upward continuation when confirmed.
The alignment reinforces the technical structure that Don referenced in his post. Traders are now following the neck zone closely.
The weekly trend line continues to anchor the price action. Its sustainability supports the broader recovery framework. With compression tightening, volatility can return quickly. Market reactions around the neck will define next turn.
