Price: $0.39660 2.1984%
Market Cap: 58.26B 1.7648%
Volume (24h): 8.81B 0.4%
Dominance: 1.7648%
Price: $0.39660 2.1984%
Market Cap: 58.26B 1.7648%
Volume (24h): 8.81B 0.4%
Dominance: 1.7648% 1.7648%
  • Price: $0.39660 2.1984%
  • Market Cap: 58.26B 1.7648%
  • Volume (24h): 8.81B 0.4%
  • Dominance: 1.7648% 1.7648%
  • Price: $0.39660 2.1984%
Home > Information news > Solana (SOL) Turns Bullish Across All Timeframes but Analyst Insists This Resistance Must Break First

Solana (SOL) Turns Bullish Across All Timeframes but Analyst Insists This Resistance Must Break First

Release: 2024/01/19 06:06 Reading: 987

Original author:CaptainAltcoin

Original source:https://coinmarketcap.com/community/articles/65a9532ed5a0e746e7d9eec1

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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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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The post Solana (SOL) Turns Bullish Across All Timeframes but Analyst Insists This Resistance Must Break First appeared first on CaptainAltcoin.

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