Technical analysis by MISANTHROPE3 about Symbol SOL on 1/19/2025

Solana is moving in a strange regression trend that previously had a breakout. It formed an inverted H&S pattern, and the price returned to the trend. Based on this trend, Solana could potentially touch $1000, creating a significant double top.Currently, since Solana could set a new ATH by breaking the resistance, if it stays above $300 and holds it we might see new highs, with the price moving towards $500 first. Note that since it looks like a double top, the price could fall at any time, and if the market becomes too bearish, Solana could have a bearish breakout from this trend, reaching $50 or even lower.However, if Solana just had a fake breakout and fails to hold $250 and $200, we could see the price drop to $80 before the next bullish move.