Solana (SOL) is forming an inverse-head-and-shoulders pattern against Bitcoin, suggesting potential upward movement
Current SOL price is around $149-$150 with resistance at $155
Analyst Josh Olszewicz predicts late May for potential breakout
SOL is trading above $145 and the 100-hourly simple moving average
Technical indicators show a contracting triangle formation with resistance at $152
Solana’s price movement is showing promising technical patterns that could signal a shift from its first-quarter performance. Currently trading at approximately $149-$150, SOL has been consolidating gains while forming what analysts describe as a textbook inverse-head-and-shoulders pattern against Bitcoin.
The cryptocurrency started a fresh increase from the $142 support zone and is now trading above $145 and the 100-hourly simple moving average. This recent price action suggests bulls may be regaining control after a challenging winter period.
The Technical Setup
Veteran trader Josh Olszewicz recently shared a chart highlighting SOL’s inverse-head-and-shoulders (iHS) pattern that has been forming since early March. This pattern is now approaching the neckline around 0.00162 BTC. With Bitcoin trading near $94,765, this places Solana at roughly $150 per coin.
The pattern shows a March 19 low at 0.00127 BTC ($120) forming the head, with higher swing lows on March 11 forming the left shoulder. The right shoulder is currently in the process of forming. The horizontal neckline aligns with the late-December floor that broke down in February, converting previous support into current resistance.
If measured from the head to the neckline, the amplitude is roughly 0.00033 BTC. A clean breakout would point toward a technical objective near 0.00195 BTC, which conveniently aligns with the lower boundary of the Ichimoku cloud’s far edge.
The chart also shows an Ichimoku configuration with the Tenkan-sen at 0.00150 BTC and the Kijun-sen exactly on the neckline at 0.00162 BTC. While the cloud remains bearish, the span differential is beginning to compress, signaling waning downward momentum.
Price Targets and Timeframe
“1D SOL/BTC – iHS + E2E at some point but not soon, probably late May,” wrote Olszewicz on social media. His caution stems from the fact that price remains beneath both the neckline and the Kijun-sen, and the Kumo does not thin materially until the final week of May.
A premature break attempt risks rejection into a final right-shoulder retest near 0.00151 BTC ($143). Both Ichimoku purists and pattern traders could agree that 0.00162 BTC is the line Solana bulls must decisively flip.
If the edge-to-edge objective is achieved, SOL would add roughly 26% against Bitcoin from present levels and reclaim ground last seen in early February. This would potentially push SOL toward the $205 range.
However, should the neckline reject once more, downside protection is thin until the twin shoulders at 0.00145–0.00148 BTC. Breaking that level would invalidate the bullish thesis and potentially reopen the March lows.
In the short term, SOL is facing resistance near the $149.50 level with the next major resistance around $150. The main resistance could be at $152.
On the hourly chart, a short-term contracting triangle is forming with resistance at $152. A successful close above this resistance zone could set the pace for another steady increase, with the next key resistance at $155. Any further gains might send the price toward the $165 level.
If SOL fails to rise above the $150 resistance, it could start another decline. Initial support is near the $147 zone, with major support at the $145 level. A break below $145 might send the price toward the $138 zone.
The MACD for SOL/USD is losing pace in the bullish zone, while the RSI is below the 50 level.
The bullish setup comes just two months after the market completed a head-and-shoulders pattern in the opposite direction. From mid-December to early February, SOL/BTC carved out a head-and-shoulders, lost the neckline in early February and fell to March’s levels. This symmetry gives extra weight to the current formation by showing how the pair has respected technical patterns during the past six months.
At press time, SOL was trading at $149, hovering below the 50-day exponential moving average.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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