TLDR
- SOL/BTC is forming an inverse-head-and-shoulders pattern with neckline at 0.00162 BTC
- Veteran trader Josh Olszewicz predicts a breakout may occur in late May
- SOL currently trading around $150, with potential to reach $205 if breakout occurs
- Price holding above $145 support level with resistance at $152-$155
- Short-term triangle pattern forming, suggesting consolidation before next move
Solana Shows Promising Technical Patterns
Solana’s price action is showing signs of a potential breakthrough. The SOL/BTC pair has been forming an inverse-head-and-shoulders pattern since early March, according to veteran trader Josh Olszewicz. This pattern is typically seen as a bullish signal.
The pattern shows a March 19 low at 0.00127 BTC (around $120) forming the head. This is flanked by higher swing lows creating the shoulders. The horizontal neckline sits at approximately 0.00162 BTC.
SOL Price
With Bitcoin trading near $94,765, Solana is currently priced around $150 per coin.
This pattern is taking shape just two months after the market completed the opposite formation. From mid-December to early February, SOL/BTC carved out a standard head-and-shoulders pattern, which led to the February decline.
The symmetry between these patterns adds credibility to the current formation. It shows how consistently the pair has followed classical chart patterns over the past six months.
Technical Indicators Point to Late May Movement
The chart analysis includes an Ichimoku overlay with specific technical levels. The Tenkan-sen sits at 0.00150 BTC, with the Kijun-sen at the neckline (0.00162 BTC).
The Senkou Span A prints at 0.001742 BTC while Span B holds higher at 0.002159 BTC. The cloud remains bearish but is beginning to compress, which signals weakening downward momentum.
Olszewicz cautions that while the pattern is promising, a breakout might not happen soon. He suggests late May as a likely timeframe when the Kumo (cloud) thins materially.
1D SOL/BTC
iHS +E2E at some point but not soon, prob late May pic.twitter.com/Qrxzntjsja
— #333kByJuly2025 (@CarpeNoctom) April 27, 2025
A premature breakout attempt risks rejection back to around 0.00151 BTC ($143). This level coincides with the current Tenkan-sen position.
The Chikou Span remains below price and cloud, indicating that trend confirmation is still pending. Both Ichimoku followers and pattern traders would agree that 0.00162 BTC is the key level Solana bulls need to break.
If SOL achieves the edge-to-edge target, it would gain roughly 26% against Bitcoin from current levels. This would put it back to early February prices, around $205.
On the other hand, if the neckline rejects again, support is thin until around 0.00145–0.00148 BTC. Breaking below this level would invalidate the bullish outlook.
Short-Term Price Action Shows Consolidation
In recent trading, Solana has been moving sideways but maintaining a bullish bias. SOL price started rising from the $142 support zone and is now consolidating above that level.
The price is trading above $145 and the 100-hour simple moving average. A short-term contracting triangle is forming with resistance at $152.
Solana faces immediate resistance near $149.50, with additional resistance at the $150 and $152 levels. A successful close above $152 could trigger another steady increase toward $155 and potentially $165.
On the downside, initial support sits near $147, with major support at $145. If SOL drops below $145, it might decline toward $138 or even $132.
For now, the market is coiling beneath resistance while approaching the cloud’s inflection point. Whether Olszewicz’s late-May timeline proves accurate will depend on Bitcoin’s trajectory and the broader market environment.
At press time, SOL was trading at $149.
