In the latest edition of the Rekt Capital Newsletter, the analyst discusses the price of Solana and what is expected of the price in the short term.
Based on the expert analysis, Solana is positioning itself for a bullish month close. The price has broken the black level resistance at around $165 this month.
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It is expected to close above this level this month. Following this, any dip toward $165 will be considered a retest.
However, if the retest becomes a little bit more volatile to the downside, then we could see a break below the $165 level and a dip toward the $140 level.
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Show more +The analyst also mentions that the retest does not need to happen and the price could continue going up following the breakout.
However, the expectation of a retest comes from the technical analysis principle that states that when an old resistance is broken, the price reclaims the point as support to ensure price continuation.
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