Advancing recovery this week, Sol posted more gains and tapped a new monthly high. Unfortunately, the price is currently down due to a recent rejection. This may trigger a sell if the bulls fail to sustain momentum.
Following the early-month breakdown to a new yearly low of $94.2, Sol found support and climbed back above the crucial $100 level lost during the crash in the first week. Volatility increased, and the price surged to around $136 in the second week, halting buying due to a rejection. This rejection triggered a slight pullback, and the price retested $124.
Meanwhile, during the surge, the price broke through a falling trendline, acting as resistance for three months. Sol advanced buying and reached a high of $154 yesterday, but lost grip following a bearish interception.
Today, the price appears weak following a minor loss in the past hours. While this has brought a little setback in the market, the crypto may lose momentum again if the supply level increases on a daily basis.
However, the recent recovery marked a significant retracement phase for the asset since it started to drop in January. Retracing above the $300 level could set the stage for bigger growth in the long term. But from a technical standpoint, the bears are likely to resume pressure shortly.
SOL’s Key Level To Watch
Source: Tradingview
The close support for this drop is located at $136.7. A plunge below this level could roll the price to $122.7 and $112. The last defence line for the bulls would be $94.26 if the supply level increases.
If Sol continues to increase, there’s an immediate resistance at $161. The $180 level is the next resistance to watch with a potential surge to $209.
Key Resistance Levels: $161, $180, $209
Key Support Levels: $136.7, $122.7, $112
- Spot Price: $147.4
- Trend: Bullish
- Volatility: High
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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