Solana Technical Analysis Continued 2/28/2024

NOT FINANCIAL ADVICE

See previous two posts.

As you can see, the chart has made its second contact point with the top of the bullish flag. A rejection here was absolutely to be expected. What we should see now is a slight retracement to test the bottom of the parallel channel one more time. Should $SOL run above 116 and get through the top of the flag, followed by a test of it as support, we will see a gigantic move through the 140 level and beyond.

So why is Bitcoin higher than it was a few weeks ago but $SOL is not? This is a common circumstance in alt coins. Bitcoin is being pushed with the majority of the money in the market and once people start to take profits on each push from Bitcoin we will see money falling into alt coins in the secondary market. Out of all the alt coins, $SOL is in the best position in terms of technical analysis in my opinion. Compare the $SOL chart to the ADA chart or the XRP chart. Even the Ethereum chart. $SOL has been leaps and bounds ahead of the other alt coins technically and its not for no reason.


NOT FINANCIAL ADVICE