Chartist ChartMonkey highlighted the resilient price action Solana (SOL) has displayed amid recent crypto market turbulence:
ChartMonkey stated that “Solana SOL has displayed remarkable resilience, with project creators managing to revive its price even when the cryptomarket seemed to diminish. During 2023, SOLUSD reached a high, surpassing even BTC’s percentage growth.”
Solana (SOL) has defied bearish expectations in 2023, with SOLUSD substantially outperforming Bitcoin year-to-date. Developers’ ability to boost Solana’s price despite overall crypto market weakness shows the blockchain’s fundamental strength.
According to technical analysis by altFINS, the short-term outlook for SOL remains bullish. Here are some key takeaways:
What you'll learn 👉
Bullish Breakout and Pullback
- SOL recently broke out above an ascending triangle pattern to hit $125.
- Price became overbought, with RSI near 83, prompting some profit-taking.
- A pullback to around $100 support could provide a swing trade entry.
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Show more +Uptrend Across Timeframes
- SOL is in a confirmed uptrend across short-, medium-, and long-term charts.
Key Support and Resistance Levels
- Support at $100 (former resistance level), $80, and Fib 50% level around $103
- Initial resistance at $125 with upside potential on continuation of uptrend
Trade Setup
- Go long on the pullback to the $100 area; stop loss around $88.
- Target retest of $125 resistance.
With Solana holding its bullish structure despite market turbulence, technicals hint at further upside for SOL as developers continue building out the ecosystem. The current pullback sets up a favorable risk-reward long entry.
You may also be interested in:
- Ethereum Price Has “Clear Path Ahead” as ETH Eyes $2,700 According to Crypto Analyst – Here’s His Outlook
- Here’s the Recap of 2023 in the Crypto and Bitcoin Industry
- Ripple (XRP) vs. Cardano (ADA): The Battle for $1, How Meme Moguls (MGLS) is Revolutionizing Meme Coins
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