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According to a chart shared by experienced businessman Josh Olszewicz on Sunday, the daily price action in the Sol/BTC pair is very different from what dominated the first quarter.
The one-day chart lists a textbook reverse and shoulder (IHS) base pattern that has been forming since early March and is now approaching a neckline of 0.00162 BTC. When taking the screenshot, the SOL is 0.001588 BTC is referenced. Bitcoin changes hands close to $94,765, which makes Solana’s coin about $150 per coin.
The anatomy of the pattern is hard to miss: the March 19 low was 0.00127 BTC ($120), forming the head, and the left shoulder side of the March 11 is the higher swing low). The left shoulder is currently in the process of formation. The horizontal neckline aligns with the late December drop in February, converting solid support into equally solid resistance. The amplitude is about 0.00033 BTC measured from the head to the neckline; a clean breakthrough will mean a technical goal near 0.00195 BTC – actually the lower boundary of the far end of the Kumo Cloud.
Solana Bulls have a goal
This chart covers the long-term Ichimoku configuration (20/60/120/30). When the latest shutdown, Tenkan-Sen sat on 0.00150 BTC, kijun-sen happened to be on 0.00162 BTC, while Senkou Span A printed at 0.001742 BTC, while SPAN B kept a higher 0.002159 BTC. The cloud itself is still bearish – thick, red and overhead – while the span difference begins to compress, signal downward. Decisively push Cuomo will trigger the classic Ichimoku edge-to-edge trading, setting the target B of span B to approximately 0.00216 BTC (approximately $205).
Related Readings
The bullish setting occurs only two months after the market completes the mirroring of the same pattern. From mid-December to early February, Sol/BTC carved out an outstanding head and shoulders, lost its collar in early February and squeezed straight into the March IHS. By demonstrating that the two have faithfully respected classic geometry over the past six months, downward and symmetry have brought extra weight to the current formation.
“1D SOL/BTC – IHS + E2E at some point, probably soon, maybe late May,” Olszewicz wrote on X. “The caution of analysts reflects the fact that the price is still under the neckline and under the Kijun-sen, and Kumo hasn’t materially until the last week of May. An attempt to rest prematurely may refuse to retest the final right shoulder near 0.00151 BTC ($143), which is where Tenkan-Sen currently lives.
It is worth noting that Chikou span (lag line) is still below the price and cloud, highlighting that trend confirmation is pending. So both Ichimoku’s purists and pattern traders can agree that 0.00162 BTC is the line that Solana Bulls must flip decisively.
Related Readings
If the edge-to-edge target is achieved, SOL will increase Bitcoin by about 26% from its current level and recycle the ground in early February. If the neckline rejects again, the downside protection is thin until the shoulders are 0.00145–0.00148 BTC; the breakout of this shelf will invalidate the bullish paper and reopen the slots for March.
For now, the market is content to tie the resistor to the resistance, while the clock ticks toward the change of the cloud. Whether Olszewicz’s possible timeline proves that the Prophet will depend on Bitcoin’s own trajectory and the broader risk environment, but the price structure on the Solana/Bitcoin chart is obvious: After the winter bruises, the Bulls finally have a pattern worth defending.
At press time, Sol traded for $149.
Featured Images created with dall.e, Charts for TradingView.com
