Sol is up today and is currently prime for a big move on the daily chart. It has dropped slightly from a daily high, looking for a key rebound level.
Sol went through a nice recovery phase last month, posting roughly 50% gains in the first two weeks. It encountered resistance and pulled back for the rest of the month, sitting well above the $160 level.
It bounced back this month and tapped $175.6 earlier today with a sharp rejection. The price dropped to where it currently trades at around $173.
The current setup looks like Bitcoin’s recent pattern that broke the price above an important short-term resistance trendline. Sol is forming a similar pattern and will likely follow suit any time soon.
If that comes into play, we should see Sol’s price above $190 as soon as it breaks out of its descending resistance trendline, drawn from March’s high. A liquidity run through this high could skyrocket the price to $300 soon.
Though Sol’s bulls are just coming up. With the new speculations and sentiments surrounding the crypto space lately, the bears may get trapped at $161 and the same time remain in a disbelief state when the bulls resume pressure in the market.
SOL’s Key Level To Watch
Source: Tradingview
Now, Sol is facing a rejection at a two-week parallel resistance of $173.9. If it manages to scale through this resistance along with the mentioned descending trendline, the $189 and $204.5 resistance would be the next levels to watch, followed by March’s $210 high.
There’s currently no room for the bears, but losing the holding $160 support level could lure them back into the market. If that happens, the $149.3 and $136 supports are levels to pay attention to.
Key Resistance Levels: $189, $204, $210
Key Support Levels: $160, $149.3, $136
- Spot Price: $173
- 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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