Solana’s native SOL token appears to be gaining near-term upside momentum after a turbulent 2023. But key technical resistance now stands in the way of confirming a sustainable trend reversal, according to analysts.
What you'll learn 👉
SOL Breaks Downtrend Resistance
Trader Teshkid points to SOL attempting to clear a key breakdown level at $106, which would put focus on further targets:
“Solana is trying to break through resistance at $106.07. A break above that area flipping that into support watch for a rally to $110 and $115 as the next targets.” Teshkid also mentioned that in case of a rejection, SOL could hit $98.41.
This aligns with the analysis showing SOL in the early stages of breaking its prior declining channel. Reclaiming $106 resistance opens the door for a continued move higher.
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Show more +Broader Resistance Still an Obstacle
However, per analysis from altFINS, the higher the macro $100 level, the higher the pivotal threshold for bulls to conquer. Achieving back-to-back daily closes above $100 would confirm upside continuation towards the $125 area.
Source: altFINS – Start using it today
“Bullish breakout from a Channel Down pattern. Traders could wait for a confirmation – if price breaks above $100 resistance, with +25% upside potential back to $125.”
So in essence, while Solana shows encouraging signs of early technical improvements, conviction around a sustainable low still remains lacking. Only a decisive move above the psychologically key $100 resistance can begin repairing the damaged long-term market structure.
However, as Teshkid mentioned, SOL faced rejection at the $106 level and has dropped below $100. SOL is down by 3.7% and is trading at $99.45.
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