Is This The Best Time To Buy $SOL ? - NewsBTC Analytics

Even amid this deep retracement, Raol Pal, a macro analyst, thinks this is the best time for investors and traders to consider Solana. In a post on X, Pal said traders may look at loading the coin, citing the candlestick arrangement in the daily chart.

Looking at the SOLUSDT chart, it is clear that the coin is moving sideways and inside a broader flag after the spike to over $200 in March. However, what’s emerging amid the cool-off is that the zone between $120 and $125 is a support to watch out for.

At press time, SOL is changing hands at around $130, down approximately 40% from the March 2024 highs. If bears of late May 2024 press on, it will be interesting to see how prices will react at this level.

From Pal’s position, the analyst expects prices to bounce back from this level and resume the uptrend from last year. The problem is that there won’t be any guarantee that prices will shoot higher from this support zone.

Technically, a close above $190 and preferably $190, could mark the resumption of the next leg up, quashing bears.