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

Odaily Planet Daily News: Renowned crypto analyst Omkar Godbolev published an analysis article stating that SOL's price chart shows a bullish regression pattern. According to technical analysis theory, this pattern is considered a low-risk opportunity for trend breaking traders. The SOL price surged over 7% this week to $193, rebounding from the previous resistance level determined by the trend line connecting March and July highs to the support level. This line, along with the line connecting the low points of April and August, defines a large downward channel that includes long-term fluctuations from March to October. The SOL price broke through this channel in early November, confirming a bullish trend. SOL quickly climbed above $260 and then fell back to its breakthrough point last week, with technical analysts referring to this round trip as a bullish regression pattern. A similar regression pattern was perfectly presented on Bitcoin in the second half of 2023, laying the foundation for a large-scale bull market. （ CoinDesk ）