Solana

Sherpa

<ul>
 <li>Solana (SOL) remains above $100 but hasn’t surpassed the 2023 high of $126.</li>
 <li>From $79 lows in January, SOL rallied to over $100.</li>
 <li>The weekly RSI indicates a bearish divergence, suggesting potential exhaustion in the current price trend.</li>
</ul>
<a href="https://thenewscrypto.com/?s=Solana" target="_blank" rel="noopener noreferrer nofollow">Solana</a> (SOL) has traded firmly over the $100 level recently but has yet to challenge its 2023 peak around $126 so far. The mixed price action has given way to a neutral consolidation pattern that has analysts split on whether an upside or downside break materializes next.
Analysis of weekly charts reveals Solana rallying from $79 lows in January to print consecutive bullish candles over the past fortnight. This lifted prices above key Fib resistance at $100 but failed to overcome the $126 barrier, instead resulting in a lower high structurally.
The weekly Relative Strength Index (RSI), used for gauging trend momentum and directional bias, reflects this uncertainty. While holding above 50 in bullish territory, it shows bearish divergence between the indicator and price peaks, typically signaling exhaustion runups.
On shorter timeframes, Solana’s price has possibly evolved into a symmetrical triangle since late December, according to technical patterns. As neutral formations, these triangles can precede breaks in either direction, so forecasting becomes difficult.
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="381" src="https://thenewscrypto.com/wp-content/uploads/2024/02/image-114-1024x381.png" alt="" class="wp-image-92233" srcset="https://thenewscrypto.com/wp-content/uploads/2024/02/image-114-1024x381.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/02/image-114-300x112.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/02/image-114-768x286.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/02/image-114-1536x572.png 1536w, https://thenewscrypto.com/wp-content/uploads/2024/02/image-114.png 1721w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<h2 class="wp-block-heading" id="h-will-solana-hold-above-100">Will Solana hold above $100?</h2>
Yet crypto trader Altcoin Sherpa still <a href="https://twitter.com/AltcoinSherpa/status/1759948496625447164" target="_blank" rel="noopener noreferrer nofollow">spots</a> opportunity at current levels, tweeting that buying Solana around $100 looks about right. Less active traders may prefer letting things ride instead of trading more complex chart formations, according to him.
Some analysts utilize Elliott Wave Theory to forecast trend progression based on recurring investor psychology cycles seen over history. As per projections, SOL looks to be consolidating in wave four currently after hitting wave three peaks, with the triangle meeting rules for such corrective patterns.
If the wave count proves accurate, Solana may continue ranging for some time before eventually breaking out upwards. Such a move could target similar altitudes as last year, around the $145 mark, should momentum turn bullish again. However, failure to get acceptance over the triangle risks much deeper declines instead, potentially to the $69 support level according to this analysis model.

Solana Consolidates Above $100: But Can SOL Go Higher?

Table of Contents

TheNewsCrypto

Other articles published on Feb 23, 2024

Reddit converts excess cash into Bitcoin and Ethereum

Cardano (ADA) Price Hinges on Crucial Support and Resistance Levels

XRP Makes Crucial Price Move, But Massive Roadblock Is Ahead

Trump says he can ‘live with’ Bitcoin

Bitcoin Or Ethereum, Which Will Hit ATH First?

Why Metable Token Pre-Sale Is A Good Opportunity For Crypto Investors Seeking The Next Big Invest...

Join our free newsletter for daily crypto updates!