As selling volume enhanced this week, Sol continued to correct lower with another double-digit loss in the last 24 hours. It currently looks weak daily but its bullish trajectory remains valid on the macro-outlook.
Following a higher high and higher low pattern from $120 in September, Sol has seen a major recovery and now appears more bullish on the daily chart following a significant break in the past month. It later lost buzz.
However, compared to several altcoins that started to lose momentum this week, Sol has been in a correction mode since the price tested $264 three weeks ago. Although the volatility was so insignificant until yesterday when supply turned heavy due to increasing selling volumes.
The bulls defended the key $200 level well and the price recovered a bit, bringing a small relief to the market. Today, the bears reiterate actions and are now charging back to claim more lows from a short-term scale.
If supply increases, Sol may drop into the $180 range to locate support before resuming a buy. The rising trendline will likely provide support. A bounce from this trendline should activate a bigger leg up. But as of now, the short-term bulls appeared exhausted on the daily chart.
A drop below the trendline could result in a serious breakdown capable of rolling the price back to $140. Regardless of that, Sol’s trend remains bullish from a long-term perspective. We can expect a comeback soon.
SOL’s Key Level To Watch
Source: Tradingview
Sol’s bears are currently negotiating the $210 level. If they surpass this key level, there’s support at $194, followed by $183.4, which flipped last month.
Today’s high is marked at $221. If Sol recovers above this price level to test the previous weekly $247 resistance before breaking through last month’s $264.4 high, a new high may come around $280 and $300.
Key Resistance Levels: $247, $264.4, $280
Key Support Levels: $210, $194. $183.4
- Spot Price: $213
- Trend: Bullish
- 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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