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<p>Solana’s SOL token has seen a nice 4% gain today, bringing the price up to around $74. However, the crypto asset recently faced selling pressure after hitting resistance around the $80 level.</p>
<p>According to technical analysis from <a href="https://captainaltcoin.com/go/altfins/" rel="noopener noreferrer nofollow">altFINS</a>, SOL had broken out above $60, signaling a continuation of its broader uptrend. The analysts see upside potential to the $80 and $100 levels due to the bullish technical factors:</p>
<p><em>“Trade setup: Bullish break back above $60 key level signaled continuation of an Uptrend with upside potential to $80. Price is trading in a Ascending Triangle. Now we wait for price to either 1) break above $80 to signal continuation of uptrend with upside potential to $100 next, or 2) pull back near $60-$65 support for a swing entry in Uptrend with upside potential back to $80.”</em></p>
<p>The $80 level is proving to be a challenge for SOL in the near-term. Popular TradingView analyst KlejdiCuni <a href="https://www.tradingview.com/chart/SOLUSDT/qcXfSTC9-SOL-Possible-Correction-From-The-Weekly-Area/" target="_blank" rel="noopener noreferrer nofollow">explained</a> how SOL faced selling pressure after three straight weeks of testing the $79.50-$80 area:</p>
<p><em>“The price tested a solid weekly area near $80. Last week’s price peak reached 79.50, and SOL didn’t manage to create a new high on the weekly chart. This is the third week that SOL is near the same zone.”</em></p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="457" src="https://captainaltcoin.com/wp-content/uploads/2023/12/image-529-1024x457.png" alt="" class="wp-image-402721" srcset="https://captainaltcoin.com/wp-content/uploads/2023/12/image-529-1024x457.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-529-300x134.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-529-766x342.png 766w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-529-1536x686.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-529-2048x914.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-529-336x150.png 336w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-529-100x45.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-529-784x350.png 784w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-529-788x351.png 788w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-529.png 1467w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<p>KlejdiCuni expects consolidation and potentially some downside back towards the $72, $70.50, and even $65.50 levels as bullish momentum slows.</p>
<p>So while the longer-term uptrend remains intact, traders should watch for a pullback/consolidation given SOL’s struggle to break above key resistance. Support areas to monitor are around $65 and $60. A close above $80 would negate the short-term bearish outlook and open the door for a rally towards $100.</p>
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<p>The post <a href="https://captainaltcoin.com/is-80-the-ceiling-for-solanas-sol-recent-rally/" rel="noopener noreferrer nofollow">Is $80 the Ceiling For Solana’s (SOL) Recent Rally?</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Is $80 the Ceiling For Solana’s (SOL) Recent Rally?

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