Solana (SOL) Turns Bullish Across All Timeframes but Analyst Insists This Resistance Must Break First
Popular blockchain platform Solana (SOL) is showing signs of a bullish breakout across short-, medium- and long-term timeframes, according to a recent analysis by crypto analytics firm AltFINS. However, one analyst believes SOL needs to clear a key resistance level before he would consider going long.
Bullish Flag Pattern Emerges
AltFINS highlighted a bullish flag pattern that has emerged on the SOL charts – a short-term consolidation between two parallel trendlines that often indicates a temporary pause before the prior uptrend resumes. The pattern developed after a sharp rally and has potential upside toward the $125 level, with a stop loss set around $85.
Overall Uptrend Intact
Along with the flag formation, AltFINS noted that SOL remains in a clear uptrend across short-, medium- and long-term timeframes. Momentum readings are mixed, with the MACD histogram trending higher but the MACD line still below the signal line. Nearby support is seen around $80 and $65, while resistance sits at the psychological $100 level.
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Show more +Key Resistance Level to Watch
Popular crypto analyst Ahmed believes SOL needs to close decisively above the $102.90 level before he would consider opening a long position targeting $112. Without clearing that resistance, he sees potential for a retest of the $96-95 support zone.
“Only on a daily close above 102.9 I would long to 112,” Ahmed tweeted to his over 38,000 followers. “Until then there’s possibility of retesting 96-95.”
So while the overall technical picture looks bullish for SOL across multiple timeframes, traders may want to see a confirmed break above the key $100-$103 resistance zone before calling a run to new highs.
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