After facing resistances under $120 in February, Sol successfully broke out last week and signalled a bullish continuation. It initiated more surges this week and is now prepared for another big move on the daily chart.
The latest rise in Sol is traced back to the major rebound at the key $80 level held as support in late January, which came after providing over 30% discount in a month.
Looking at the steady price movements from that key level, Sol’s price has doubled and from the look of things, it may rally hard as it is just starting its second bullish phase from a mid-term perspective. Although, the price has broken out on the daily chart.
Closing last week’s price a bit calm at around $144, trading volatility increased this week and the price surged to a daily high of $174 for the first time in twenty-eight months. The bulls are gaining dominance, so bigger moves should be expected in the next few days.
If Sol maintains the break and retest pattern adopted in the past weeks, we can expect a slight pullback before it resumes surge. Otherwise, the price may go parabolic until it reaches the crucial $260 level – where it topped out in 2021.
Breaking this crucial level should confirm more positive actions from a long-term perspective. A rejection at this same level may bring a healthy correction in the market.
SOL Key Level To Watch
As Sol briefly fell from $174 a few minutes ago, an increase above it could propel buying to $180 and $189.5 – the January 2022 crackdown levels. Above these levels lies $205.
Yesterday’s $157.8 surge level is now considered as support. Of course, a rebound is expected. But if the price further drops, the potential level for support would be $143.5 (April 2022 high) and $126.3.
Key Resistance Levels: $180, $189.5, $205
Key Support Levels: $157.8, $143.5, $126.3
- 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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