Jump to $40? Solana Tech Analysis Update Reveals Possible Outcome

• Solana’s price rallied in 2023 but failed to break above the horizontal resistance.
• A bullish case remains valid unless the price moves below the 2022 lows.
• If it breaks above horizontal resistance, Solana may trade above $40.

Solana Technical Analysis Update

Solana has seen a strong rally in 2023, with its price more than doubling from $10 to over $25 and appearing to be in a clear bullish breakout. However, the market failed to sustain this momentum and entered a consolidation phase instead. To assess the prospects of further gains, investors need to look at the bigger picture and take into account factors such as horizontal resistance levels and US Dollar strength or weakness.

Horizontal Resistance Levels

The current horizontal resistance level for Solana is at around $26, which means that if it fails to break past this point then it is difficult to make a bullish case for further gains. However, as long as the market does not dip below the 2022 lows then there is still potential for upside movement should it break through this resistance level.

US Dollar Strength/Weakness

The US dollar has been trading with mixed signals so far in 2023 but if renewed weakness takes hold then cryptocurrencies could benefit from this shift including Solana. Should daily closes occur above horizontal resistance then there is potential for an increase above $40 per coin.


Overall, while Solana’s prospects remain bearish while below horizontal resistance, a break above it could signal further upside ahead provided that US dollar weakness persists throughout 2023. Investors should consider these factors when making their investment decisions regarding cryptocurrency markets like Solana’s.

Risk Disclosure

Trading any financial instrument involves significant risk of loss and may not be suitable for all investors; please consult your financial advisor before engaging in any kind of trading activities involving cryptocurrencies or other financial instruments .