Solana Consolidates After Rally, Analyst Asks To Watch This Support As SOL Drops Below $90

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.

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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.

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Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.