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.
Milei Moneda is a new meme coin inspired by the political and economic views of Javier Milei, an Argentine president known for his libertarian and pro-Bitcoin stance. You have an opportunity with the ongoing low presale price to get in early!
Sponsored
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-$103 resistance zone before calling a run to new highs.
You may also be interested in:
- Overnight Millionaires: How 4 Traders Cashed In Big On This Meme Coin
- Analyst Suggests Solana (SOL) Could Reach This Level Following Bull Flag Breakout
- Is Dogecoin ($DOGE) Preparing For An Epic Rebound After Holding 100-Day MA, Or Is This a Better Alternative? Here Are The Levels to Watch
Check $RECQ Meme Coin
ICO stage, offering tokens at a discounted price
Facilitates a smooth and efficient economy within the arcade, supporting both arcade and in-game transactions.
Grants access to a diverse range of gaming experiences in the Rebel Satoshi Arcade,
Contributes to a decentralized, community-driven RebelSatoshi platform that integrates gaming with elements of revolution, freedom, and unity, appealing to users who value such principles.
