- Solana (SOL) is up 3% today and has gained 13% over the past month as part of a broader crypto market recovery.
- SOL is forming a Bearish ABCD harmonic pattern on the daily chart, which despite its name often features bullish momentum in the CD-leg phase.
- The pattern suggests potential upside to around $216.56 (approximately 28% higher) if the CD leg extends to the 1.20 Fibonacci projection level.
- Key support lies at the 200-day moving average near $161.88, which must hold to maintain the bullish structure.
Date: Tue, Aug 05, 2025 | 06:58 AM GMT
The cryptocurrency market is staging a mild recovery after the recent sharp decline, with Ethereum (ETH) bouncing to $3,650 from its recent low of $3,357. Following this, several altcoins have joined the rebound — including Solana (SOL).
SOL is back in the green today with a 3% daily gain, extending its monthly rally to 13%. Its latest chart now reveals a key harmonic setup that could point toward more upside in the near term.
Harmonic Pattern Hints at Potential Bounce
On the daily chart, SOL is forming a Bearish ABCD harmonic pattern — a structure that, despite its name, often features a bullish CD-leg before reaching the final Potential Reversal Zone (PRZ).
The move began with a rally from Point A near $145.35 to Point B, followed by a retracement to Point C around $155.91, where buyers stepped back in. Since then, SOL has climbed to around $167.39, suggesting the CD leg is underway.
If the pattern plays out according to the traditional ABCD framework, the CD leg could extend to the 1.20 Fibonacci projection of the BC leg, putting the PRZ around $216.56 — about 28% higher from current prices.
What’s Next for SOL?
If bullish momentum holds, SOL could continue toward the $216.56 zone, though this level is likely to serve as a major resistance where profit-taking or short-term pullbacks may occur. On the downside, the 200-day moving average near $161.88 is a crucial support to maintain the bullish structure.
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