Solana Daily Chart Shows Clear Triangle Consolidation: SOL Analyst Points to a Buy-the-Dip Opportunity
In his latest tweet, crypto analyst MartyParty highlighted clear triangle consolidation patterns in the daily technical analysis charts for both Bitcoin (BTC) and Solana (SOL). The analyst notes that the Relative Strength Index (RSI) for both cryptocurrencies is approaching oversold levels, indicating a potential bounce in the near future.
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Solana (SOL) Price Targets
MartyParty expects SOL to bounce off the triangle bottom, potentially reaching the $180 range. More importantly, the analyst points out that the SOL triangle formation is technically calling for an upper target of $280, suggesting upside potential if the breakout occurs to the upside.
For Bitcoin, MartyParty anticipates a bounce to the $71,600 range. The triangle formation for BTC indicates a potential upside target of $106,751, representing a substantial increase from current levels.
Alternative Perspectives on Solana’s Price Action
While MartyParty’s analysis suggests a bullish outlook, other analysts provide different viewpoints on SOL’s price action:
Analyst CryptoTony is looking for a drop to $121 for SOL and emphasizes the importance of holding this level. If SOL maintains support at $121, CryptoTony believes it would open doors to a safe entry point for traders.
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Show more +Cameron Fous has expressed some concern for the bullish case of SOL. He notes that this week is triggering what was the beginning of the official bear market on the weekly chart, based on patterns observed in the last bull run. This observation adds a layer of caution to the overall market sentiment.
A comprehensive technical analysis provided by altFINS offers additional insights into SOL’s current market position:
Mixed Trends with Long-term Uptrend Intact
altFINS notes that while short-term trends are mixed, SOL’s price remains above the 200-day moving average, keeping the long-term uptrend intact. This suggests that despite short-term volatility, the overall trajectory for SOL remains positive.
The analysis identifies a pullback near the $125-$130 support zone as a potentially attractive swing trade entry point. From this level, altFINS suggests a possible 20% upside to $160. Traders are advised to set a stop-loss level at $115 to manage risk.
Source: altFINS – Start using it today
altFINS characterizes the current price action as a pullback in an uptrend, presenting a potential ‘buying dip’ opportunity. The short-term trend is identified as strongly down, the medium-term trend as down, but the long-term trend remains up.
The RSI-14 levels indicate that SOL is neither overbought nor oversold currently. The nearest support zone is identified at $125.00, with the nearest resistance zone at $200.00.
Read more: Analyst Shares the ‘Easiest 2x’ Trade on ONDO Crypto Price as Key Bullish Metric Continues to Rise
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