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

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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Rene Peters
Rene Peters

Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy.