A closely followed crypto strategist believes that Solana (SOL) is still in a downtrend despite last week’s surge.
Pseudonymous analyst Altcoin Sherpa tells his 196,300 followers on the social media platform X that Solana is facing a key resistance level at around $19.50.
According to the analyst, Solana has been printing bearish lower-high setups ever since hitting its 2023 high of $32.30 in July.
“Would be cautious on this current move up. It’s nice to see some recovery but every rally the last few weeks has resulted in just a lower high. Regardless, if you’re in it for an investment, it cant be bad to accumulate sub-$20.”
Source: Altcoin Sherpa/X
At time of writing, SOL is trading for $19.04, up over 8% from its seven-day