Solana Could Hit $163 If SOL Holds This Pattern and Resistance Level: Analyst

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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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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Rene Peters
Rene Peters

Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy.