The overall market outlook is still very bullish for Sol in the long term as it managed to stay above the important $100 level during the correction. It currently gathers momentum while preparing for a massive explosion.
So far, the crucial $120 level has stood well as threshold support for Sol despite several failed attempts to break it down throughout the corrective phase. And as we can see, the market landscape is slowly changing.
But Sol has been a bit lagging in the recent bullish rally in the crypto space. However, it has seen a substantial recovery in the past weeks as it slowly gears up for a big move while consolidating on the daily chart.
A surge through the $150 level, which recently acted as a barrier for the bulls, could bring the market out of the brief consolidation phase for a bigger price movement. A continuous rejection from there could subject the asset more to a consolidation move until it finds a breakthrough.
Things might look dicey at the moment, but it is noteworthy to say that Sol is technically footing a bullish move. We can expect an explosive rally once it finishes gathering momentum on the daily timeframe.
Even if Sol’s price nosedive again, it must significantly break below the crucial threshold support before considering bearish continuation moves.
SOL’s Key Level To Watch
Now that the bulls are trapped in consolidation, their next major barrier level is $152.5, followed by the $163.5 resistance level – marked as last month’s recovery level. The next level to watch above it is $180.
The $139.9 level is a close support to keep in mind. If the price plunges below it, the next one to watch is $127 and the crucial $120 level.
Key Resistance Levels: $152.5, $163.5, $180
Key Support Levels: $139.8, $127, $120
- Spot Price: $147.8
- Trend: Bullish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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