Solana Faces Pivotal Moment at Key Resistance After Relief Bounce, Analyst Shares SOL Could Hit $100 If This Happens
Solana has rebounded nearly 10% from its recent swing low near $79 as bulls attempt to regain control of the narrative. According to analysis from trader Teshkid, SOL is now facing a critical test at the first major resistance level around $90.30 after reclaiming the support floor near $81.79.
Teshkid notes:
“Solana after a breakdown move to $79 is now bouncing and has reclaimed support at $81.79. On holding this support I am expecting a rally to $90.30 as the next target which is also resistance. A break above $90.30 watch for a rally to $100.”
Reclaiming the $81.79 support aligns with the emerging bullish flag continuation pattern highlighted in the analysis by altFINS. A successful defense of $81.79 would help confirm the flag formation and open the door for upside continuation.
However, Teshkid points out that SOL could be vulnerable to another breakdown if bulls fail at $90.30 resistance. A rejection here increases the risk of dropping back towards the $81.79 support zone.
Notcoin airdrop on Telegram made millions to people. Don’t miss out on the next TG airdrop by the same team – Dogs on Ton!
Show more +So in essence, Solana appears to have stabilized after its sharp slide but now faces a major test at $90.30 resistance. Clearing this level would signal resurgent bullish momentum targeting a retest of $100. However, SOL remains prone to volatile swings as it continues to develop within its bull flag pattern.
A daily close below $81.79 support would negate the bullish setup, with downside targets at $80 and $65. On the flip side, regaining $90.30 keeps the focus on the flag-measured move around $125. As such, SOL’s price action and reaction to these noted levels should dictate near-term trend direction.
You may also be interested in:
- RAY Stays Strong Above $1, Analyst Says Raydium Is ‘Practically the Backbone of Solana Shitcoin Season’
- Bitcoin Crash Continues, But Experienced Crypto Trader Spots Buy Opportunities – Here His Outlook
- Which Crypto Coin Will Pump Next? 7 Trending Altcoins To Watch In 2024
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.
