Is $80 the Ceiling For Solana’s (SOL) Recent Rally?

December 19, 2023

Solana Is Getting Ready To Hit $603, Analyst Shares Multiple Targets That SOL Should Break

Solana’s SOL token has seen a nice 4% gain today, bringing the price up to around $74. However, the crypto asset recently faced selling pressure after hitting resistance around the $80 level.

According to technical analysis from altFINS, SOL had broken out above $60, signaling a continuation of its broader uptrend. The analysts see upside potential to the $80 and $100 levels due to the bullish technical factors:

“Trade setup: Bullish break back above $60 key level signaled continuation of an Uptrend with upside potential to $80. Price is trading in a Ascending Triangle. Now we wait for price to either 1) break above $80 to signal continuation of uptrend with upside potential to $100 next, or 2) pull back near $60-$65 support for a swing entry in Uptrend with upside potential back to $80.”

The $80 level is proving to be a challenge for SOL in the near-term. Popular TradingView analyst KlejdiCuni explained how SOL faced selling pressure after three straight weeks of testing the $79.50-$80 area:

“The price tested a solid weekly area near $80. Last week’s price peak reached 79.50, and SOL didn’t manage to create a new high on the weekly chart. This is the third week that SOL is near the same zone.”

KlejdiCuni expects consolidation and potentially some downside back towards the $72, $70.50, and even $65.50 levels as bullish momentum slows.

So while the longer-term uptrend remains intact, traders should watch for a pullback/consolidation given SOL’s struggle to break above key resistance. Support areas to monitor are around $65 and $60. A close above $80 would negate the short-term bearish outlook and open the door for a rally towards $100.

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