Solana (SOL) is currently testing a resistance at 183, with a potential pullback risk this weekend. Despite this, its bullish trend remains strong, targeting 280. Is this an opportunity worth considering ?
Currently at 183 dollars, Solana is hitting resistance while Bitcoin faces strong sell orders between 120,000 and 121,500 dollars, increasing the likelihood of a pullback during the weekend when liquidity is typically low.
With a bearish divergence in its short-term RSI and price sitting in the upper band of the MRC, SOL presents a setup for a very short-term short position. The trendline also adds to this confluence. It could break to liquidate late longs during a weekend with low liquidity.
Trade on SOL :
The Stop Loss remains the key element. Place an amount you can afford to lose and set the leverage so that liquidation occurs around 190 dollars.
However, this kind of pullback is healthy for SOL. In the long term, Solana remains bullish and could target 280 dollars in the coming weeks.
Indeed, SOL is currently 55% away from its all-time high of 293 dollars. Given that Ethereum is also approaching its ATH and Bitcoin is already in price discovery mode, SOL should catch up soon.
Additionally, SOL is in the midst of a complete breakout and sits above all its moving averages. It’s only a matter of time before SOL shines again.
Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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