Solana surges past resistance, eyes $290 target
Key Takeaways
- Solana (SOL) has recently broken through a key resistance level and is showing strong upward momentum.
- A short-term pullback to the 180-190 USD zone could present a buying opportunity.
- The resistance at 210 USD could temporarily slow down the upward trend.
- A long-term target of 290 USD is being aimed for.
Solana Breaks Long-Term Resistance
Solana (SOL) has shown impressive performance in recent months, breaking through a key resistance level. After nearly six months of fluctuating between 122 and 187 USD, SOL managed to break out of this range. This indicates a strong market structure, supported by high trading volumes and positive capital inflows.
Solana’s recent price movements have even outperformed those of Ethereum (ETH) and Bitcoin (BTC), bringing the altcoin into the spotlight for many investors. Long-term, a price target of 290 USD is being set, with the previous all-time high at 259.96 USD.
Key Support and Resistance Levels
Although Solana appears to be on a long-term upward trend, short-term pullbacks could occur. A decline into the 180-190 USD zone is seen by many analysts as a buying opportunity. This is because this zone is considered a price magnet and offers strong support.
On the other hand, the resistance at 210 USD could temporarily slow down the upward trend. A look at the liquidation heatmap shows a cluster of liquidation levels between 202 and 225 USD. This could lead to a short-term trend reversal before Solana continues to rise.
Technical Indicators Support the Uptrend
Technical indicators such as the Chaikin Money Flow (CMF) and the Awesome Oscillator (AO) suggest that the market is still dominated by buyers. The CMF value of +0.21 indicates significant capital inflows into the Solana market. The AO, which has been predominantly positive for six weeks, confirms the positive momentum.
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Additionally, Fibonacci retracement levels show that the next targets are at 241 and 291 USD. This points to further potential for price gains, even though short-term pullbacks cannot be ruled out.
Can Solana Overcome the 210 USD Resistance?
A look at the liquidation data shows that the area around 210 USD could be a key resistance level. Many liquidation levels are concentrated here, suggesting that some investors may close positions if the price reaches this level. This could temporarily slow the upward trend and lead to a pullback.
However, the long-term outlook for Solana remains positive. If the price manages to break through the 210 USD resistance, it could pave the way for further gains towards the 290 USD target.
Our Assessment
Solana is showing a strong market structure and has posted impressive gains in recent weeks. Short-term pullbacks into the 180-190 USD range could present a good buying opportunity, while the resistance at 210 USD could temporarily slow the upward trend. In the long term, the target of 290 USD remains realistic, especially if the current momentum continues.
Sources:
– TradingView
– Coinglass
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