Solana (SOL) Shows Promising Technical Patterns as Bitcoin Price Action Signals Potential Breakout

Solana's price action is showing signs of a potential breakthrough as it pivots at a critical technical level.

What Happened: Veteran trader Josh Olszewicz noted that the SOL/BTC pair has been forming an inverse-head-and-shoulders pattern since early March. The pattern consists of a March 19 low at 0.00127 BTC (around $120), forming the head and is flanked by higher swing lows, which make up the shoulders. The horizontal neckline is at approximately 0.00162 BTC.

With Bitcoin trading at $94,765, Solana is currently priced around $150 per coin.

This pattern is taking shape just two months after the market completed the opposite formation. From mid-December to early February, SOL/BTC carved out a standard head-and-shoulders pattern, which led to the February decline.

The symmetry between these patterns adds credibility to the current formation. It showcases how consistently the pair has followed classical chart patterns over the past six months.

Related Link: How To Trade The Inverse Head And Shoulders Pattern

Technical Analysis: Olszewicz's chart analysis includes an Ichimoku overlay with specific technical levels. The Tenkan-sen sits at 0.00150 BTC, while the Kijun-sen is at the neckline (0.00162 BTC).

The Senkou Span A prints at 0.001742 BTC, and Span B holds higher at 0.002159 BTC. The cloud remains bearish but is beginning to compress, which signals weakening downward momentum.

"E2E [edge to edge] at some point but not soon, prob late May when the Kumo thins materially," the trader stated.

A premature breakout attempt could see rejection back to around 0.00151 BTC ($143). This level also coincides with the current Tenkan-sen position.

The Chikou Span remains below price and cloud, indicating that trend confirmation is still pending. Both Ichimoku followers and pattern traders would agree that 0.00162 BTC is the key level Solana bulls need to break.

If SOL manages to reach the edge-to-edge target, it would gain approximately 26% against Bitcoin from current levels. This would bring it back to early February prices, around $205.

On the other hand, if the neckline rejects again, support is minimal until around 0.00145–0.00148 BTC. Breaking below this level would invalidate the bullish outlook.

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