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#SOL# After reaching a six-month high of 209 dollars last week, Solana
SOL
₺8.111,63
, on Tuesday it dropped to 175 dollars, a decrease of 16 percent. Since then, the SOL price has recovered to the 180 dollar level and many indicators suggest that the upward trend is continuing towards 260 dollars.
Solana charts converge at a target price of $260 for SOL.
Cointelegraph Markets Pro and TradingView data show that SOL is trading within a bull flag on the daily timeframe.
The bull flag is a bullish continuation pattern in technical analysis that forms a descending channel after a sharp price increase and indicates consolidation. It typically results in an upward breakout and continues the initial uptrend.
The price is facing resistance at the upper limit of the flag, which is 190 dollars. If the daily candle closes above this area, it will clear the way for SOL's rise to the bull flag target of 258 dollars, which is a 41 percent increase from the current price.