Solana

altFINS

<p>Solana’s native token SOL has entered a period of consolidation following a massive 35% upside breakout, according to recent analysis.</p>
<p>SOL surged higher after breaking out of a falling wedge pattern on its daily chart. Analyst CryptoBusy highlighted the <a href="https://twitter.com/CryptoBusy/status/1717114481015173455" target="_blank" rel="noopener noreferrer nofollow">breakout</a>, noting SOL was retesting former resistance around $32.94 as new support.</p>
<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="616" src="https://captainaltcoin.com/wp-content/uploads/2023/10/image-643-1024x616.png" alt="" class="wp-image-363277" srcset="https://captainaltcoin.com/wp-content/uploads/2023/10/image-643-1024x616.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-643-300x180.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-643-767x461.png 767w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-643-1536x923.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-643-2048x1231.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-643-250x150.png 250w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-643-100x60.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-643-582x350.png 582w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-643-788x473.png 788w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-643.png 1502w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p>According to analysis from altFINS, SOL remains in a clear uptrend across short, medium and long timeframes after inflecting from its downtrend. However, the powerful rally has left SOL extremely overbought, with its RSI above 80.</p>
<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="573" src="https://captainaltcoin.com/wp-content/uploads/2023/10/image-642-1024x573.png" alt="" class="wp-image-363269" srcset="https://captainaltcoin.com/wp-content/uploads/2023/10/image-642-1024x573.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-642-300x168.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-642-767x429.png 767w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-642-1536x860.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-642-2048x1146.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-642-268x150.png 268w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-642-100x56.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-642-625x350.png 625w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-642-788x441.png 788w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p><em>Source: </em><strong><a class="thirstylink" rel="noopener noreferrer nofollow" target="_blank" title="altFINS" href="https://captainaltcoin.com/go/altfins/" data-shortcode="true"><em>altFINS – Start using it today</em></a></strong></p>
<p>This suggests the rally is overextended and SOL is due for a pullback or consolidation around current levels before attempting to push higher. Key support sits around $20 where former resistance flipped into support. Initial resistance is seen from $25 to $30.</p>
<p>Traders will be watching to see if SOL can establish support and build momentum for a renewed push towards the resistance. The falling wedge breakout remains bullish and suggests the rally could continue. But extremely overbought conditions indicate a cooldown is likely first.</p>
<p>SOL will need to hold support on any pullbacks and wait for overbought readings to reset before traders gain confidence in the next leg higher. While SOL remains in a clear uptrend, the risk of a deeper pullback increases following the parabolic 35% surge if key support levels fail to hold. Traders may look to enter on the next dip rather than chasing upside.</p>
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<p>The post <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com/solana-traders-jubilant-as-sol-soars-35-after-falling-wedge-escape-but-theres-a-big-catch/">Solana Traders Jubilant as SOL Soars 35% After Falling Wedge Escape, but There’s a Big Catch</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Solana Traders Jubilant as SOL Soars 35% After Falling Wedge Escape, but There’s a Big Catch

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