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.
Milei Moneda is a new meme coin inspired by the political and economic views of Javier Milei, an Argentine president known for his libertarian and pro-Bitcoin stance. You have an opportunity with the ongoing low presale price to get in early!
Sponsored
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.
You may also be interested in:
- Cardano Surges Past Important Resistance, Analyst Predicts ADA Could Reach $0.85 If This Happens
- This Shiba Inu Indicator Flashes “Buy” Signal – Pay Attention SHIB Holders
- Avalanche (AVAX) Resilience at $36.33 Amid Ethereum (ETH) Competition; Dogecoin (DOGE) Poised for Rally, Analyst Forecasts; Early Bitcoin (BTC) Investor Predicts Kelexo (KLXO)
Check $RECQ Meme Coin
ICO stage, offering tokens at a discounted price
Facilitates a smooth and efficient economy within the arcade, supporting both arcade and in-game transactions.
Grants access to a diverse range of gaming experiences in the Rebel Satoshi Arcade,
Contributes to a decentralized, community-driven RebelSatoshi platform that integrates gaming with elements of revolution, freedom, and unity, appealing to users who value such principles.
