Meanwhile, the token recaptured the $80 price zone after breaking above the $77 resistance, and is now hovering above this key threshold as traders prepare for the next big move.
Last week, we outlined an interesting trading opportunity that is already sitting at its ideal entry price. We expect a retest of the 200-day exponential moving average (EMA) in the next few days if bullish momentum accelerates. This key line currently sits at $96, meaning a 17% upside potential.
With that target in mind, entering a long position at $80 would offer a 3x risk-reward ratio if the stop price is set right below the $77 support area.
The Relative Strength Index (RSI) has already sent a buy signal as this momentum indicator rose above 60. Hence, most of Solana’s technical variables are flashing buy while momentum seems to be on its side as indicated by its latest positive performance relative to the rest of altcoins.
Source: Original Article
