Top Analyst Predicts Solana May Lead Markets Next Month

Recent activity in the SOL/BTC market is showing a notably different trend compared to the first quarter, based on a chart analyzed by seasoned trader Josh Olszewicz.

The one-day chart illustrates a classic inverse head-and-shoulders (iHS) basing pattern that has been developing since early March and is nearing the neckline at approximately 0.00162 BTC. At the time the chart was captured, SOL was trading at 0.001588 BTC. With Bitcoin priced around $94,765, this positions Solana at an estimated $150 per unit.

The characteristics of this pattern are evident: the lowest point on March 19 was at 0.00127 BTC ($120), representing the head, while preceding it were higher lows forming the left shoulder on March 11. The left shoulder is still in the process of formation. The horizontal neckline corresponds with the former support level from late December that turned into resistive following a breakdown in February. The amplitude, from the head to the neckline, measures around 0.00033 BTC; a successful breakout would suggest a target nearing 0.00195 BTC, conveniently at the lower end of the Kumo cloud’s outer edge.

Targets for Solana Bulls

The chart incorporates a long-look Ichimoku setup (20/60/120/30). At the latest closing, the Tenkan-sen was at 0.00150 BTC, with the Kijun-sen directly on the neckline at 0.00162 BTC, while Senkou Span A registered at 0.001742 BTC and Span B at 0.002159 BTC. The cloud remains bearish, characterized by thick red intervals overhead, yet there are signs of compression in the span differential, indicating a reduction in downward pressure. A significant push into the Kumo could activate the traditional Ichimoku edge-to-edge trade, targeting Span B around 0.00216 BTC (approximately $205).

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The bullish formation appears just two months post completion of its mirrored counterpart. From mid-December to early February, SOL/BTC formed a notable head-and-shoulders pattern, broke below the neckline in early February, and subsequently led to March’s iHS. This symmetry adds more emphasis to the current configuration as it illustrates the pair’s adherence to classical patterns over the past six months.

“1D SOL/BTC – iHS + E2E at some point but not soon, probably late May,” Olszewicz stated on X. The analyst’s caution stems from the fact that the price remains below both the neckline and Kijun-sen, with the Kumo showing significant thickness until the end of May. An early breakout attempt could lead to rejection and a final retest of the right shoulder near 0.00151 BTC ($143), coinciding with the current position of the Tenkan-sen.

Crucially, the Chikou Span (lagging line) persists below the price and cloud, underscoring the need for trend confirmation; consequently, both Ichimoku enthusiasts and pattern analysis traders would concur that 0.00162 BTC is the pivotal level that Solana bulls must effectively conquer.

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Should the edge-to-edge objective be realized, SOL would see an approximate 26% increase against Bitcoin from current levels, reclaiming ground last observed in early February. If the neckline faces yet another rejection, there is limited downside protection until the shoulders at 0.00145–0.00148 BTC; breaching this support would nullify the bullish scenario and reinstate the March low.

At this moment, the market remains content to gather momentum below resistance as time counts down to the cloud’s pivotal moment. Whether Olszewicz’s late-May projection proves accurate will hinge on Bitcoin’s own path and the broader risk atmosphere, but the Solana/BTC chart’s price structure is clear: after a tough winter, bulls now have a compelling pattern to defend.

At the time of writing, SOL was priced at $149.

Featured image created with DALL.E, chart from TradingView.com