- The crypto trader and analyst Blunts revealed in a tweet yesterday that he is bullish on SOL.
- In the post, Bluntz shared that he is considering going “full blown on SOL.”
- A major bullish technical flag was on the verge of triggering on SOL’s daily chart at press time.
A popular crypto trader and analyst tweeted yesterday that he is very bullish on Solana (SOL) for the next few months. In the post, a trader that goes by the name Bluntz shared that he is considering going “full blown SOL” for the next few months.
According to him, the altcoin entered into one of the cleanest “upward channel breakouts” that he has ever seen over the past few weeks. The last time the trader witnessed a positive move like this was that of the market leader Bitcoin (BTC) at the start of this year, when the crypto was trading at around $18K.
SOL had broken out of a positive price channel on Thursday with a swift $18.55% move. This took the altcoin’s price from a low of $21.42 to a high of $26.82, before closing off the daily candle at $26.01. With this move, SOL was also able to flip the resistance level at $25.60 into support.
In the 24 hours after the move, the cryptocurrency’s price attempted to overcome the next major resistance level at $30.00. Although SOL was able to reach a high of $32.13, it was unable to flip the mark into resistance and closed the trading session off at $26.67.
At press time, SOL was resting slightly above the aforementioned $25.60 price point. Should it close today’s daily candle below this support it may be at risk of dropping to the 200-day EMA line at approximately $22.2 in the following 24-48 hours. There was a significant bullish technical flag that was on the verge of being triggered, however.
The 50-day EMA line was closing in on the previously-mentioned 200-day EMA line. Should the shorter technical indicator successfully cross above the 200-day EMA it will trigger a noteworthy bullish technical flag. This will also signal that SOL has entered into a long-term positive trend and its price may continue to rise in the coming few weeks.
In this bullish scenario, SOL’s price may retest the $30 resistance and potentially succeed in flipping the level into support. Continued buy pressure may even elevate the Ethereum-killer’s price to above the next significant resistance at $34.50 in the next few weeks.
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