Solana (SOL) Price Shows Resilience; Analyst Highlights Potential Upside to This Level

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:

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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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.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency