Solana

altFINS

Momentum

Swing

<ul>
 <li>Solana experienced a bullish breakout from a falling wedge pattern, leading to a 20% rally.</li>
 <li>There is potential for Solana to retest the $20 level and 200-day moving average as a swing entry opportunity.</li>
 <li>Solana’s long-term trend outlook is neutral, but breaking the falling wedge is a positive short-term development.</li>
</ul>
According to analysis by <a href="https://altfins.com/" target="_blank" rel="noopener noreferrer nofollow">altFINS</a>, <a href="https://thenewscrypto.com/?s=solana" target="_blank" rel="noopener noreferrer nofollow">Solana</a> 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.
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="573" src="https://thenewscrypto.com/wp-content/uploads/2023/10/image-25-1024x573.png" alt="" class="wp-image-84144" srcset="https://thenewscrypto.com/wp-content/uploads/2023/10/image-25-1024x573.png 1024w, https://thenewscrypto.com/wp-content/uploads/2023/10/image-25-300x168.png 300w, https://thenewscrypto.com/wp-content/uploads/2023/10/image-25-768x430.png 768w, https://thenewscrypto.com/wp-content/uploads/2023/10/image-25-1536x860.png 1536w, https://thenewscrypto.com/wp-content/uploads/2023/10/image-25-2048x1146.png 2048w, https://thenewscrypto.com/wp-content/uploads/2023/10/image-25-150x84.png 150w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<h3 class="wp-block-heading" id="h-20-level-and-200-ma-could-become-a-swing-entry">$20 level and 200-MA Could Become a Swing Entry</h3>
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 <a href="https://coinmarketcap.com/currencies/solana/" target="_blank" rel="noopener noreferrer nofollow">data</a>, SOL is trading at $23.71, with a 1% drop in value over the last 24 hours.

Analysts Eye Further Upside for Solana After Falling Wedge Breakout

Table of Contents

TheNewsCrypto

Other articles published on Oct 18, 2023

Wemade’s NILE Launches Ticket NFT Sales for Blockchain-Assisted Golf Tournament

Top 5 UK Media Stocks That Are Highly Likely To Eke Out Profits

Fidelity’s Bitcoin ETF resubmission challenges SEC’s caution

Microsoft’s Acquisition of Activision Blizzard and King

World’s first Football Talent App “One of Us” enters the web3 with the XDB CHAIN

Sen. Elizabeth Warren joins over 100 U.S. lawmakers urging for swift action on crypto-financed te...

Join our free newsletter for daily crypto updates!