Top analyst Altcoin Sherpa has offered insights on Solana (SOL), predicting potential price movements based on key levels. He suggests that if SOL breaks the $165 resistance, it could likely rise to $190 shortly.
Furthermore, Sherpa views the $120-$150 range as a prime zone for investors to accumulate SOL, emphasizing its potential for a bounce between $135-$140. His analysis counters the common skeptic’s view that price directions remain uncertain post-breakout, highlighting his confidence based on active trading strategies.
What you'll learn 👉
SOL’s Critical Accumulation Zone
Altcoin Sherpa’s analysis highlights the importance of the $120-$150 price range for Solana. He views this zone as a strong support area where accumulation is likely to occur.
This range has historically served as a stopgap during downtrends, offering a base that might stop additional drops. If SOL retraces to these levels, this range offers a possible buying opportunity for traders wishing to enter the market or enhance their holdings.
Sherpa suggests that as long as SOL remains within this accumulation zone, there’s potential for a rebound. This makes the $120-$150 range a critical area to watch, as it could serve as a launching pad for the next upward movement if broader market conditions improve.
Resistance at $165: The Gateway to Higher Prices
On the flip side, Sherpa identifies $165 as a crucial resistance level that SOL must overcome to resume its upward trajectory. A break over this level, in his opinion, would open the door for a surge towards $190.
There have been several tests of this resistance level, and a successful breakout would indicate bullish momentum. This will potentially attract more buyers and pushing the price higher.
However, Sherpa warns that failing to break through this resistance could result in SOL revisiting the lower support levels. Moreover, the $165 mark is a psychological barrier and a technical one, where the market’s direction could hinge on whether SOL can sustain a move above it.
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Solana’s Key Support
The importance of the 200-day MA in offering dynamic support for SOL is highlighted by Sherpa’s analysis. Since this moving average is often employed as a long-term trend indicator, traders are closely monitoring it as a key level.
Besides, if SOL remains above the MA despite brief oscillations, it can suggest that the crypto is still on an overall upward trend.
However, a sustained drop below the 200-day MA could indicate a change in course, thus the course of the next few trading sessions will be critical in determining SOL’s longer-term trajectory.
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