• Solana is moving toward $177, driven by a strong technical price design.  
  • Rising demand and an expanding ecosystem are boosting the coin’s market value.  
  • Solana may face resistance at $177 but could break through to higher stages soon.

SOL is gaining attention due to a potential price rise driven by an upward pattern on its chart. This inverse head and shoulders structure signals that the token could soon hit $177. It is currently trading at over $163 and showing strong, higher momentum.

Bullish Pattern and Price Breakout

The inverted head and shoulders structure is a known indicator of a trade reversal. This format consists of three dips, the central one being the deepest (head), with two smaller dips on either side (the shoulders). For SOL, the left shoulder appeared in August, the head formed in September, and the right shoulder in early October.

#Solana TA Inverse H&S playing out – targets $177 short term. pic.twitter.com/x4fVjTVdv6

— MartyParty (@martypartymusic) October 20, 2024

The recent breakout above the neckline of this layout confirms that the favorable trend is in play. Now Solana is eyeing the $177 price level as a major target. Traders are paying close attention as the price approaches this crucial point.

This cost split aligns with its recent gains, boosting confidence in the coin’s potential to rise further.

Additional Bullish Signals

Apart from the head and shoulders scheme, other technical signals suggest further upside for Solana. A positive flag formation has appeared, which often hints at continued upward movement. This formation typically indicates a pause before the price continues climbing.

Also, trading volume has been increasing, which often suggests more buying interest in the market. As prices rise with higher volume, it indicates strong demand and adds weight to the bullish outlook for Solana.

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The growing use of Solana in decentralized finance  and non-fungible tokens  further fuels positive economic sentiment. The platform’s expanding ecosystem is drawing in more users and developers, which could help sustain this price momentum.

Key Price Levels to Watch

As Solana nears $177, it may face resistance. Many traders will closely watch how the fee behaves at that degree. Should the coin break through $177, the next essential price target could be $200. 

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