Solana (SOL) is currently displaying promising technical indicators that suggest a potential upswing in price. According to analyst Jelle, SOL is closely following the February-March playbook, forming a post-breakout higher low. This development has investors and traders eagerly anticipating the next leg higher for the cryptocurrency.
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Technical Analysis Highlights Attractive Entry Opportunity
A recent technical analysis by altFINS has identified a compelling trade setup for Solana. The analysis reveals that SOL is currently in an uptrend, with the pullback near the $160 support level and the long-term up trendline at $143 presenting an attractive swing trend entry opportunity.
The potential upside target is set at $200, representing a 25% increase from the current price levels. To manage risk, a stop loss (SL) level is suggested at $140.
Pullback in Uptrend Pattern
The current price action of Solana is exhibiting a classic “Pullback in Uptrend” pattern. This pattern occurs when the price remains in an uptrend but experiences a temporary pullback, potentially offering a “buying dip” opportunity for investors.
Traders are advised to look for the nearest support level where the price could stabilize and resume its uptrend. This support level could be a level where the price has bounced off in the past or a level that previously acted as resistance.
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Show more +Strong Uptrend Across Multiple Timeframes
Source: altFINS – Start using it today
The altFINS analysis highlights the strength of Solana’s uptrend across various timeframes. The short-term, medium-term, and long-term trends are all classified as “Strong Up,” indicating a robust bullish sentiment surrounding the cryptocurrency. This multi-timeframe confirmation of the uptrend adds credibility to the potential for further price appreciation.
According to the RSI-14 (Relative Strength Index) levels, Solana is currently neither overbought nor oversold. This balanced momentum suggests that there is room for the price to move higher without facing immediate resistance from overbought conditions.
The analysis also identifies key support and resistance levels for SOL. The nearest support zone is located at $160, followed by $125. On the upside, the nearest resistance zone is identified at $200, which aligns with the potential upside target mentioned in the trade setup.
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