Solana ($SOL) Technicals Suggest Bullish Reversal In Play After Dip

Solana (SOL) has been trading in a range between $16-$27 over the past few months according to popular crypto analyst Altcoin Sherpa.

This week SOL is down around 6% and currently trading near $22. However, technical analysis from altFINS suggests the recent pullback to support around $20 and the 200-day moving average could present a buying opportunity.

“Best to probably just buy and hold this for a bit.” – Sherpa wrote

AltFINS notes that trends are shifting to uptrend on the higher timeframes. Momentum is mixed with the MACD line below the signal line, indicating some bearishness, but RSI is around 50 suggesting a neutral outlook.

Key support levels sit at $20 (previous resistance) and $12. Resistance is seen at $25-$30 and $38. With SOL bouncing off support and trends poised to turn upward, altFINS believes there is upside potential for Solana to return to the $25-$30 zone.

Analysts suggest SOL may continue ranging between $16-$27 short-term but ultimately technicals point to a bullish bias. The recent dip to $20 support could offer an opportunity for traders looking to buy the dip and capitalize on a move back towards overhead resistance.

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Petar Jovanović
Petar Jovanović

As the Head of Content at Captainaltcoin, I bring years of experience in the crypto industry. With a strong belief in the potential of the web3 market since 2017, I'm passionate about sharing valuable insights and knowledge. Feel free to connect with me on LinkedIn and let's discuss the exciting world of cryptocurrencies and decentralized technologies!