I am just being real to my followers: if you are looking closely at the short-term trend, something highly technical is forming right under our noses. Looking at the 5-minute chart Solana ($SOL ) is printing what looks like a classic triple bottom pattern right above the major $61.20 floor.
Let's break down exactly what this means for our next trade. A triple bottom occurs when the price hits a support level three separate times and bounces back each time, showing that sellers are running out of power to push it lower. What makes this specific setup even stronger is that it's an "ascending" triple bottom. As marked by the red trendline, each bottom is slightly higher than the last. This proves that buyers are stepping in earlier and earlier on every single dip.
Currently sitting at $61.65, we are fighting the immediate resistance at the EMA(21) and EMA(44) lines. The 5m RSI is neutral at 46.15, which means it isn't overbought and has plenty of room to fuel a major breakout. If we can break and hold above the local peak at $62.00, this triple bottom structure is fully confirmed and could spark a fast, aggressive squeeze back up toward the $63.11 range. I am looking closely at the volume bars to confirm the breakout before jumping in.
Click on my chart to trade and stay ahead of the next move. 📈
Disclaimer: This is personal analysis and not financial advice; always do your own research before trading.
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