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Solana (SOL) Technical Analysis

Solana (SOL) decimated and closed above the general resistance zone between $171.47 and $177.79 on October 21.

Solana (SOL) broke above the overhead resistance zone between $171.47 and $177.79 on Oct. 21 and closed. This led to the completion of an ascending triangle formation with a formation target of $226.94. The bears could pose a tough challenge at the current ATH level of $216, but the strong momentum of the last three days shows the bulls buying aggressively higher. A break and close above $216 will signal a resumption of the uptrend. Conversely, if SOL price declines from $216, it could be retested at $177.79. If the price bounces back from this level, it will indicate that the bulls continue to buy on the dips. The bulls will then try to resume the uptrend again. A break and a close below $171.47 will signal that the bullish momentum is weakening.

Solana (SOL) Technical chart

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