Solana Forms Bullish Inverse-Head-and-Shoulders Pattern Against Bitcoin

Recent analysis of the SOL/BTC trading pair indicates a potential bullish reversal pattern. Key observations include:

An inverse-head-and-shoulders (iHS) pattern forming since early March, approaching a neckline at 0.00162 BTC.
Current SOL price at 0.001588 BTC, translating to approximately $150 with Bitcoin around $94,765.
The iHS pattern features a March 19 low at 0.00127 BTC ($120), with higher swing lows indicating upward momentum.
A breakout above the neckline could target approximately 0.00195 BTC, aligning with technical resistance levels.
Ichimoku indicators show bearish cloud conditions, yet a narrowing span suggests decreasing downward pressure.
A successful push into the Kumo cloud could aim for a target of around 0.00216 BTC ($205).
Price remains below critical resistance levels; caution is advised as premature attempts to break out may lead to rejection.

If the bullish scenario unfolds, SOL could rise by about 26% against Bitcoin, returning to levels last seen in early February. Conversely, failure to breach the neckline could lead to a decline towards support at 0.00145–0.00148 BTC.

Currently, SOL is priced at $149.