Technical Analysis: Solana (SOL) Holds Breakout Level, But Risks Loom

Cryptocurrency Solana (SOL) continues to hold a key descending trend line that it broke above a week ago. As long as Solana holds above this trend line (at approximately $140), the bullish bias remains. Should it break below $140, there is an ascending trend line at $132 as next support.

If the breakout continues there is upside to $180-$190.

The biggest risk for Solana and most altcoins is a de-risking in the asset market. With the stock market at all-time highs, investors are willing to buy things like Solana. As long as the stock market and economy hold up, SOL should be fine. However, if the stock market begins to fall, the bias in Solana and crypto overall turns negative.