As expected, Sol found support above a key rising trendline after testing it last weekend. The price bounced back yesterday due to the latest price recovery. This could lead to another buy if the demand level increases.
Last week’s trading marked a major loss in Sol’s price since it started to correct lower in the preceding month. While these losses caused a serious pain and setback in the market, it provided big discounts to reaccumulate on the short-term scale and the bulls took advantage of it.
Ending that week bearish, it respected the ascending trendline – acting as diagonal support since September – and bounced off it yesterday, being the first day of a new week. This brought a mini recovery over the last 24 hours and the price climbed back into the $190 region.
The psychological $200 level is the key target to watch for recovery on the hourly timeframe. A daily close above this level could sprout a huge recovery in the coming days before breaking out to a new all-time high.
On the other hand, if by any chance Sol advances correction and breaks below the ascending trendline, it may roll back to the $120 level before locating a threshold. But from a technical perspective, the latest bounce suggests a potential increase capable of bringing the bulls back on track.
SOL’s Key Level To Watch
Source: Tradingview
In the ongoing recovery, the resistance level to watch for an increase is $211, followed by a minor level of $235 and $247. Last month’s $264.4 high is considered the main resistance for a break up to $300.
Sol is currently supported by the $176 level. A break below this level could dip the price to a low of $155 and $141 – marked in November and October.
Key Resistance Levels: $211, $247, $264.4
Key Support Levels: $176, $155, $141
- Spot Price: $193
- Trend: Bearish
- Volatility: Low
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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