Solana Technical Analysis 2/22/24

Not financial advice.

Since November of 2023 $Sol had been tightly following a steep upward trend line. On January 20th 2024 it broke below that trend line. But is that an indication of a reversal/choch? No. In the 8hr chart below you will see that Solana broke below the trendline and began to form a parallel channel within a bullish flag. This is an indication that it is preparing to break out of the top of the bullish flag very similar to what occurred in November of 2023 when $Sol broke through the top of a similar consolidation period at about the 24$ level. That marked the beginning of the trendline for two months and it's looking like rather than seeing a reversal we are seeing a continuation and it could potentially be a 3-5 month run past the all time high in my opinion.

Time will tell.
$SOL #SOL
Not financial advice.