SOL continues in long-term bull flag, which should be closed by a growing leg. However, so far there is no indication that it will end. Local lows are still falling within this flag and so far we cannot confirm the bottom of the correction. However, it tested the last minimum key support. Will the price manage to stay in this zone and create a trend reversal?
Solana bounced off the support zone at point of control at $ 160. It is essential that the price can create another minimum either in this band or higher. Only then can we talk about the potential end of the correction. Of course, the price does not have to create a reversal of a higher minimum and resistance can be overcome immediately.
Solana may have reached the bottom
It is still true that until the price exceeds the resistance of the flag, then the flag is still valid and the correction is not definitively terminated. Another resistance is found on the previous one $ 190. However, breaking this high would not mean that the price ends the flag, because it would still be a price movement within the pattern.
In the long run, the price is still reaches growing lows. The latter was not so far from the previous one. It is so likely that the price has hit bottom. It doesn’t change the fact that it’s not a confirmed fact. Even if we were at the bottom, the price would take some time to gain strength new growing trend.