Solana

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<p>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.</p>
<p><strong>Bullish Flag Pattern Emerges</strong></p>
<p>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.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="573" src="https://captainaltcoin.com/wp-content/uploads/2024/01/image-534-1024x573.png" alt="" class="wp-image-424154" srcset="https://captainaltcoin.com/wp-content/uploads/2024/01/image-534-1024x573.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-534-300x168.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-534-767x429.png 767w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-534-1536x860.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-534-2048x1146.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-534-268x150.png 268w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-534-100x56.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-534-625x350.png 625w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-534-788x441.png 788w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p><strong>Overall Uptrend Intact</strong></p>
<p>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.</p>
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<p><strong>Key Resistance Level to Watch</strong></p>
<p><a href="https://twitter.com/CryptoBheem/status/1747928153467818172?t=wFi4gznukUxci9Z63SrRBg&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">Popular crypto analyst Ahmed</a> 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.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="473" src="https://captainaltcoin.com/wp-content/uploads/2024/01/image-535-1024x473.png" alt="" class="wp-image-424162" srcset="https://captainaltcoin.com/wp-content/uploads/2024/01/image-535-1024x473.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-535-300x139.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-535-766x354.png 766w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-535-1536x710.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-535-2048x947.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-535-325x150.png 325w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-535-100x46.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-535-757x350.png 757w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-535-788x364.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-535.png 900w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p>“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.”</p>
<p>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.</p>
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<p>The post <a href="https://captainaltcoin.com/solana-sol-turns-bullish-across-all-timeframes-but-analyst-insists-this-resistance-must-break-first/" rel="noopener noreferrer nofollow">Solana (SOL) Turns Bullish Across All Timeframes but Analyst Insists This Resistance Must Break First</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

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

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