Veteran crypto traders Ali and Rekt Capital both highlighted a constructive short-term setup emerging on Solana’s price chart this week. Ali inspected the hourly time frame and noticed the early development of a bull flag continuation pattern:
On the hourly chart, Ali observes that Solana appears to be forming a bull flag. Ali suggests that a conclusive closure above the $110 resistance level might serve as the catalyst for a noteworthy upward movement. If this pattern remains intact, Ali anticipates the potential for $SOL to progress towards an ambitious target of $163.
Additionally, Rekt Capital notes SOL appears poised to reclaim a key level that would invalidate bearish outlooks:
Rekt Capital observes the possibility of Solana rallying to the crucial $98 level. The situation is approaching a decisive point, where it could either make or break. A reclaim of the black level is seen as crucial, with the invalidation of the orange path contingent on a daily close above the black level. Until such confirmation, the situation is deemed to be below resistance.
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Show more +In this case, Solana clearing and closing above $98 resistance on the daily chart would signal the end of the recent downtrend.
Together, these short-term signals of bullish continuation align with Solana’s positive long-term backdrop. The technicals may finally be aligning for an upside breakout following weeks of directionless churning. Traders can monitor the referenced levels ($110 / $98) for confirmation in the days ahead.
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