Solana’s (SOL) price movements lately have been worth a watch. Crypto Tony and Crypto General, two top crypto analysts, have highlighted the key levels that could determine SOL’s next major move. As SOL approaches a critical support level, traders are keenly observing the market for potential buying opportunities.
What you'll learn 👉
Solana (SOL) Price Analysis
Solana’s price is currently in an uptrend, although it has experienced a pullback near the $160 support level. According to Crypto Tony, holding the $160 level is crucial for the bulls.
Moreover, he mentioned, “Holding $160 is key for the bulls. I am holding my long here.” This sentiment is echoed by Crypto General, who noted that SOL is retesting its breakout level. Additionally, he believes that once SOL finds support, it could pump towards the targets in the coming weeks.
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Show more +Analysis from altFINs
AltFINs provided a comprehensive analysis of SOL’s trade setup, indicating that the price is in an uptrend with a potential attractive swing trade entry near $160. They suggest a stop loss at $140 and project a 25% upside to $200.
The pullback near the $160 support and long-term uptrend line around $143 presents a significant buying opportunity for traders looking to capitalize on the uptrend. This aligns with the concept of polarity, where a previous resistance level becomes a support level.
Trend and Momentum
The short-term, medium-term, and long-term trends for Solana are all upward, showing strong bullish momentum. The Relative Strength Index (RSI) levels indicate that SOL is neither overbought nor oversold, making it a balanced entry point for traders.
With the nearest support zones identified at $160 and $125, and the nearest resistance zone at $200, traders have clear markers to watch for potential price movements.
Hence, the experts advise to monitor the support level around $160 closely. Besides, if SOL stabilizes and finds support at this level, it could resume its uptrend and reach the $200 resistance zone. Furthermore, this potential movement represents an upside, making it an attractive proposition for swing traders.
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