The post Analysts Eye Further Upside for Solana After Falling Wedge Breakout appeared on BitcoinEthereumNews.com.

Editors News Solana experienced a bullish breakout from a falling wedge pattern, leading to a 20% rally. There is potential for Solana to retest the $20 level and 200-day moving average as a swing entry opportunity. Solana’s long-term trend outlook is neutral, but breaking the falling wedge is a positive short-term development. According to analysis by altFINS, Solana has seen a bullish breakout from a falling wedge pattern, rallying 20% to reach the target resistance zone of $25–30. Short- and medium-term trends have now inflected to uptrend status. After breaking wedge resistance, Solana reached altFINS’ projected area of contention between $25 and $30. The next move will likely see SOL either break above this zone or pull back to $20 support around the 200-day moving average. $20 level and 200-MA Could Become a Swing Entry altFINS notes the $20 level and 200-MA could become a swing entry opportunity if retested. Upside potential back to $25-30 resistance remains intact in an uptrend. Momentum indicators are bullish at present, with the MACD line crossing above the signal line and the RSI holding above 55. Key support sits at $20, then $12 if further downside plays out. While the long-term trend outlook remains neutral, according to altFINS, Solana’s ability to break the falling wedge and hit the first target resistance marks a constructive short-term development. Sustaining above the 200-day MA and $20 support would keep the rally intact. But facing the $25–30 zone presents the next major test for SOL bulls. According to CoinMarketCap data, SOL is trading at $23.71, with a 1% drop in value over the last 24 hours. Seasoned Crypto Content Writer, Editor and Journalist who entered the cryptocurrency industry out of sheer passion and love for writing. Source: https://thenewscrypto.com/analysts-eye-further-upside-for-solana-after-falling-wedge-breakout/

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Filed under: News - @ October 19, 2023 10:10 am