SOL Price Forecast: Is it a buying opportunity for traders?

Solana (SOL) has once again attracted the attention of traders as it rose nearly 4% after breaking through the key $136 resistance. This breakthrough triggered a new round of speculation: Is this the beginning of a major uptrend, or is it just a brief bullish peak? In this article, we dig into the technical factors behind Solana’s price volatility and what investors should expect.

Solana's recent surge: triple top breakthrough

Breakthrough key $136 resistance level

Solana's price recently completed a triple top breakthrough , a classic bullish technology model. This breakthrough, coupled with a strong buying pressure from a bull market swallowing candles , pushes the token to the next resistance level at $139.30. With this recent wave of gains, Solana has shown resilience, regaining a key price zone that has previously been a drag.

Now the question arises: Is this a buying opportunity? Traders are closely watching whether Solana can maintain this momentum or whether the rebound is just a small episode in the continued downward trend.

The short-term US dollar is strong

While Solana faces a major challenge in its competition with Bitcoin, losing more than 54% today's moves since January show renewed power in the U.S. dollar terms

This breakthrough signal has potential short-term returns, making SOL an attractive option for traders looking for entry points.

SOL Trading Settings: Is this a buying opportunity for traders?

Key levels to pay attention to

• Support Area : Solana is firmer above key support levels. $136 . Traders should pay attention to whether the price remains above this level to confirm the intensity of the bull market.
• Target now : Solana's next target is $141.25 , followed by $146.32 . This may be an ideal trading setup if the price stabilizes above $136 and the volume proves strong. Purchase backtest strategy.

Conditional entry, target price and stop loss price

This setup looks promising for those considering entering:

• entry

  : Retest and rebound from

  $136 .
• Target : The initial is $141.25, and the extension target is $146.32 .
• Stop loss : A tight stop loss position is just below $129.77 to ensure protection of downside risks.

Traders should wait for volume confirmation before entering the market, as premature breakthroughs may lead investors to a false rebound.

Right: A different story with bearish kinetic energy

While Solana shows bullish signs on the dollar, the pair

Shows a more pessimistic prospect. The current transaction price is

0.00158 BTC , SOL/BTC has fallen 23% in April and remains down 54% year-to-date . The looming death cross-section —a bearish technical pattern in which the short-term moving average falls below the long-term moving average—may indicate the continued weakness of the SOL/BTC trading pair.

Decline wedge pattern: the dawn of hope?

Despite the bearish market outlook,
The downward wedge pattern appears on the SOL/BTC chart. This morphology is often associated with potential reversals. If Solana is able to break through 0.0018 BTC , this may trigger toward 0.001895 BTC . However, if it fails to maintain 0.0014 BTC , the price may further slide to 0.001 Bitcoin .

Key levels of Solana (SOL/USD) and Solana/Bitcoin (SOL/BTC)

Price needs to be paid attention to

• Instant support : $136
• Next support : $129.77
• Target : $141.25 and $146.32

SOL/BTC level to pay attention to

• Resistance : 0.0018 BTC → 0.001895 BTC
• Support : 0.0014 BTC → 0.001 BTC

Traders should be cautious about the possible divergence between SOL dollar price action and its performance against Bitcoin. Although SOL/USD shows bullish signals, SOL/BTC pairs are facing significant bearish pressure.

Conclusion: Buying opportunities or traps?

Solana's recent 4% rise and triple top breakouts are strong reasons for short-term gains in terms of dollar denomination. If Solana can stay above the $136 breakout level, it may mean the beginning of a bull market. However, caution is still needed because the SOL/BTC pair poses significant bearish risks, especially the potential death crossing is forming.

For swing traders, Solana offers an interesting buying opportunity, but only with proper risk management and volume confirmation. If the price remains above $136, it may be headed towards

$141.25 and $146.32 are becoming increasingly possible. However, failure to maintain these levels may lead to further integration or downside risks.

FAQ

1. What is the price trend of Solana (SOL) recently?

Solana has recently risen nearly 4%, breaking the above $136 resistance and completing a triple high break, showing potential bullish momentum in the short term.

2. What is the key level of focus for Solana prices?

Key levels for Solana include support at $136 and next support at $129.77

The immediate rally target is $141.25 and $146.32 for information you have trained until October 2023.

3. What is a death crossover in the SOL/BTC trading pair?

The data for your training is as of October 2023. The death crossing occurs when the short-term moving average crosses the long-term moving average. For this pattern, this pattern suggests potential long-term bearish momentum, although it may suggest a reversal if it falls into the wedge pattern and breaks above. 0.0018 BTC.

4. Is this a good opportunity to buy Solana (SOL)?

If Solana remains firm at $ 136 breakout zone and confirms a mass-based intensity, this may present a feasible buying opportunity, with a target of $141.25 and $146.32. Traders should be cautious about the bear trends of SOL/BTC and manage risks with caution.

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