Solana (SOL) has been making positive noise recently with a surge in its price. However, one crypto strategist known as Altcoin Sherpa on the social media platform X, believes that the euphoria may be short-lived.
Despite last week’s notable rally, Altcoin Sherpa argues that Solana is still trapped in a downtrend, casting doubts on the sustainability of its current momentum.
Altcoin Sherpa points out a critical resistance level at approximately $19.50 that Solana must overcome to change its trajectory. The crypto analyst highlights a concerning pattern: Solana has been consistently forming lower highs since reaching its 2023 peak of $32.30 back in July. This pattern suggests that each attempted rally has been met with increasing selling pressure, raising questions about the strength of the recent recovery.
Altcoin Sherpa advises caution for those considering entering the market, stating:
“It’s nice to see some recovery, but every rally in the last few weeks has resulted in just
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