Solana (SOL) has been a standout performer amid the recent cryptocurrency bull resurgence. SOL gained as much as 50% off the mid-January lows before entering its current consolidation between $85 and $100. According to trader Teshkid, maintaining critical support around $90 is key for Solana to continue its upside momentum.
However, alongside the whole cryptocurrency market, the price of SOL has plunged below $90 and is trading at $88.16.
Bull Flag Could Spark Continuation
Analysis from altFINS suggests Solana is carving out a bull flag continuation pattern on the daily chart after its sharp advance off the lows. This type of brief consolidation pattern normally presages additional upside once the consolidation resolves with an upside breakout.
Specifically, altFINS analysis indicates a move above resistance at $100 could open the door for Solana to rally back toward its recent high around $125. Traders often utilize these bull flags to time entries for rejoining upside momentum. A stop loss below the recent higher low around $85 would help manage downside risk on the trade setup.
As one of the higher beta altcoins, Solana generally amplifies major directional swings in either direction. Of course, volatility remains elevated, keeping predictive convictions unreliable. But a breakback above $100 could mark a bullish technical achievement for SOL buyers seeking to capitalize on any trend reversal.
You may also be interested in:
- These Are the Two Possibilities for BTC Price With the Current Bitcoin Cycle
- Why Ripple’s Recovery Will Be Faster Than Anticipated, XRP Expected to Rise to This Price Level
- Why investors from Polygon (MATIC) and Tron (TRX) are buying into the new Pushd (PUSHD) presale
A unique play-to-earn gaming platform in the memecoin market
The platform combines artisanal and gold mining with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience
Fosters a strong community by encouraging physical meetups among members
NFT Integration with Prominent Characters