Solana analysis – the price is heading to $ 135, but it is still in a falling flag

Solana is still in a long-term declining flag, despite the current short-term growing trend. Price could create bottom of correction but we have not confirmed this yet and we do not know whether we are at the beginning of a reversal of the long-term trend, or it is only a short-term growth within correction structure.

Whether altcoins like Solana will overcome flag resistance, depends on where BTC is moving and whether it has really found the bottom of the correction. In this case, breaking the resistance of the flag is a matter of time. At present, therefore, we will monitor the resistance at roughly the level $ 135.

Solana is still in the flag. Source: TradingView

Solana is still in the flag

So far, it looks like the price won’t beat the $ 135 resistance on the first try. Regardless, it needs to be tracked another local minimum after creation high. If the long-term minimum arises higher than the previous one, then a break in the resistance of the flag is highly probable and also the emergence of sideway structure.

The existence of accumulation can last for a month or even more and real growing trend we can expect only after such a structure. So far, it is too early to confirm the absolute bottom of the market, although we see that sentiment is slowly but surely turning in favor bulls.