Solana (SOL) faces a decisive moment where it either breaks out a key resistance or could experience a significant crash. The dilemma is also true for other cryptocurrencies as the market goes sideways, raising both bullish and bearish cases.
In particular, Ali Martinez raised this scenario for SOL on September 21, looking at the $154 price resistance. According to the analyst, failing to overcome this level could mean a momentary victory for the bears, eyeing $85 downward.
“Solana needs to break through $154 soon because rejection at this level might trigger a correction, with $85 as the next key support.”
– Ali Martinez
SOL was trading at $147.27 by the time of the analysis, briefly rejecting the level for the first time.
Solana (SOL) daily price chart. Source: TradingView / Ali Martinez
Altseason is around the corner, and a trend shift is on the horizon
Interestingly, recent Finbold reports illustrate well the currently disputable mood that looms over the market, bringing uncertainty. Technical indicators have been signaling different directions for analysts, who must constantly re-evaluate their positions and previous analyses.
First, trading experts have commented on a clear Bitcoin price downtrend made of lower highs and lower lows. Alan Santana mentioned how charts are mostly bearish, later setting his target at $40,000, warning of a crash. Credible Crypto shared a similar yet more optimistic stance, saying Bitcoin is not out of the woods – requiring a shift.
However, previously bearish analysts now signal a trend shift, with BTC setting higher lows and higher highs, eyeing $130,000.
Crypto commentators have mentioned the market is entering a phase more favorable to “dumb bulls” than “smart bears.” This happens as mid-cap altcoins outside of the top 10 start surging, suggesting an altseason is “just around the corner.”
Therefore, Solana could benefit from an overall trend shift favoring bulls and a potential incoming altseason, challenging the $154 resistance.
Solana breakpoint 2024
Indeed, the Solana community had one of the core events for its ecosystem, mirroring the price charts’ mixed feelings. The Solana Breakpoint 2024 conference happened in Singapore on September 20 and 21.
While some SOL investors returned with a bullish bias after reportedly seeing a growing interest from institutional players like Citibank in Solana, others have shown disappointment regarding particular stage performances that raise doubts about its maturity.
On the positive bias, Solana’s official account on X summarized some of the bullish news making front to the criticisms. Overall, Franklin Templeton, Securitize, Societe Generale FORGE, and Citibank declared interest in SOL, looking to build Solana-based financial solutions.
As things develop, traders and investors must carefully analyze technical and fundamental indicators to improve decision-making. Solana is at a decisive moment that will define if the next steps are bullish or bearish.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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