Solana (SOL) has been quietly moving higher amidst the market’s focus on Bitcoin (BTC) and Ethereum (ETH). According to analyst Jelle, SOL is closely following the price action pattern observed in February and March, which suggests that new all-time highs could be on the horizon in the coming weeks.
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Technical Analysis Highlights Bullish Solana Uptrend
A detailed technical analysis provided by altFINS reveals that Solana is currently in an uptrend, with the recent pullback near the $160 support level and the long-term uptrend line presenting an attractive swing trade entry opportunity. The analysis suggests a potential 25% upside target of $200, with a stop loss level set at $140.
Solana’s current price action 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.
Source: altFINS – Start using it today
Strong Uptrend Across Multiple Timeframes
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.
While the current momentum is bearish, the analysis suggests that it may be inflecting. The MACD (Moving Average Convergence Divergence) line is still below the MACD signal line, but the rising MACD histogram bars indicate that momentum could be nearing an upswing.
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Show more +Additionally, the RSI-14 (Relative Strength Index) levels show that Solana is neither overbought nor oversold, providing room for further price appreciation.
The nearest support zone for Solana is identified at $160, followed by $125. On the upside, the nearest resistance zone is located at $200, which aligns with the potential upside target mentioned in the trade setup.
As Solana continues to mirror the price action pattern observed in February and March, the cryptocurrency appears well-positioned for a potential surge in the coming weeks.
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