Analysis: SOL price chart shows bullish regression pattern, which may lay the foundation for a larger bull run

Well-known crypto analyst Omkar Godbolev published an analysis article stating that SOL's price chart shows a bullish regression pattern. According to technical analysis theory, the pattern is seen as a low-risk opportunity for trend breakout traders. SOL prices soared more than 7% to $193 this week, rebounding from the previous resistance level determined by the trendline connecting the March and July highs to support levels. This line, as well as the line connecting the April and August lows, defines a large descending channel, including long-term range fluctuations from March to October. SOL prices broke through the channel in early November, confirming the bullish tendency. SOL quickly climbed above $260 before falling back to the breakout point last week, and technical analysts called this round trip a bullish regression pattern. A similar regression pattern was perfectly presented on Bitcoin in the second half of 2023, laying the foundation for a massive bull market. (CoinDesk)