Solana (SOL) Mimics the Price Action Pattern Noted in February and March – Here's the Analyst's Outlook

Solana (SOL) has been quietly moving higher amidst the market's focus on Bitcoin (BTC) and Ethereum (ETH). According to analyst Jelle, SOL is closely following the price action pattern observed in February and March, which suggests that new all-time highs could be on the horizon in the coming weeks.

Solana (SOL) price has been quietly rallying while the market’s attention is focused on Bitcoin (BTC) and Ethereum (ETH). According to Jelle, a crypto analyst, SOL is closely following a price action pattern observed in February and March, suggesting that new all-time highs could be on the horizon in the coming weeks.

A technical analysis by altFINS reveals that Solana is in an uptrend, and the recent pullback at the $160 support level presents a swing trade entry for a potential 25% gain to $200 with a stop loss at $140.

Solana’s current price action is forming a classic “Pullback in Uptrend” technical pattern, which emerges when the price maintains an uptrend but experiences a temporary pullback, presenting a “buying the dip” opportunity.

Traders can identify the nearest support level where the price could find stability and resume its uptrend. This support level could be a price zone from which the asset has previously bounced or a level that acted as resistance in the past.

Strong uptrend across multiple timeframes

The altFINS analysis highlights Solana’s strong uptrend across multiple timeframes, with the short-term, medium-term, and long-term trends classified as “Strong Up,” indicating a robust bullish sentiment surrounding the cryptocurrency.

While the current momentum is classified as bearish, the analysis suggests that it may be inflecting. The MACD (Moving Average Convergence Divergence) line is still below the MACD signal line, but the rising MACD histogram bars indicate that momentum might be turning positive.

Moreover, the RSI-14 (Relative Strength Index) levels show that Solana is neither overbought nor oversold, suggesting that there is still room for further price appreciation.

The nearest support zone for Solana is at $160, followed by $125. On the upside, the nearest resistance zone is at $200, which aligns with the potential upside target in the trade setup.

As Solana continues to mirror the price action pattern observed in February and March, the cryptocurrency seems poised for a potential surge in the coming weeks.