Solana (SOL) has recently broken out of a rounding bottom pattern on the macro scale, according to trader Milkybull Crypto. This breakout has set the stage for SOL to potentially reach ambitious price targets of $429 to $689 in the coming months.
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Successful Retest in Progress
Renowned analyst Rekt Capital has also noted that Solana is currently undergoing a successful retest of its previous breakout level. A successful retest is often seen as a bullish confirmation, suggesting that the uptrend is likely to continue.
Maintaining SOL’s position above the retest level could establish a strong foundation for further price appreciation, thereby validating Milkybull Crypto’s bullish outlook.
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Show more +Technical Analysis: Approaching Resistance and Uptrend Confirmation
According to altFINS, a leading technical analysis platform, Solana’s near-term outlook is neutral, with the token approaching a key resistance level. The platform has identified an emerging pattern of SOL nearing resistance, which could potentially lead to a breakout or a pullback.
According to altFINS, SOL is currently in an uptrend over all time horizons (short, medium, and long-term), with the MACD line above the MACD signal line and the RSI above 55 indicating bullish momentum.
However, after reaching the $200 resistance level, SOL became overbought, with the RSI reaching around 85. This led to a pullback as some traders took profits. altFINS suggests two potential scenarios for traders looking to enter the market:
- Wait for SOL to break above the 200 resistance level, confirming the continuation of the uptrend.
- Look for a pullback near the $160 support level, which could provide an attractive entry point.
Key Support and Resistance Levels to Watch
altFINS has identified several key support and resistance levels for SOL. The nearest support zone is located at $158, followed by $140. On the upside, the nearest resistance zone is $180.
Source: altFINS – Start using it today
Solana’s breakout from the rounding bottom pattern and its successful retest of the breakout level have caught the attention of traders and analysts alike. With bullish price targets ranging from $429 to $689, SOL appears to be well-positioned for further growth in the coming months.
However, as with any investment in the volatile cryptocurrency market, it is essential for traders to exercise caution and conduct thorough research before making any decisions. By closely monitoring key support and resistance levels and employing sound risk management strategies, traders can potentially capitalize on SOL’s uptrend while minimizing their exposure to sudden market shifts.
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