Thesis statement
The objective of this study is to observe how the Solana Token, based on a study using a semilogarithmic chart of price movement, has “drawn”, between May 2022 and October 2023, a significant pattern (in this case, bullish) called Head & Shoulders, the effects of which are still ongoing.
Developement
The mathematical study of the chart pattern allows to identify, from the breakout of the neckline (Figure 1), the probable price target. In this specific case, given the size of the pattern and the logarithmic base for price visualization, the calculation will not be based on the natural number between the “Head” and the “neckline,” but rather on the percentage change. The projection, moving upward from the neckline, leads to a target around $100 (+355%).
Conclusion
The movement is still ongoing with a +158% from the breakout, but the target is further +90% from current prices. It is certainly an interesting case study of a pattern that statistically manifests in the world of cryptocurrencies.
Please note that the information provided is not financial advice. It’s important to conduct thorough research and consider consulting with a financial professional before making any investment decisions.
