Surging through several resistance levels in the past weeks, Sol reached a new high this week and cooled off buying. Taking a break, the price is currently weak daily while entering a brief consolidation phase.
Joining other top altcoins in the past week’s rally, Sol’s price exploded and broke out to a new high of $225. However, bigger moves lie ahead for the 5th largest crypto by market cap but the price is currently trapped in a consolidation phase.
This phase has temporarily halted buying as it gathers momentum for the next major move. In the middle of that, the price dropped due to the recent market meltdown but has managed to stay above the $200 level.
From a technical perspective, Sol is much more likely to break higher soon. But as it stands, the daily buying volume appears low. An increase in the volume should bring the bulls back on track.
Losing the key holding level could result in a small correction to provide a discount for the short-term buyers. Such a move could create new support above the $180 level before bouncing back.
It is important to note that the new higher high and high low pattern initiated from the $120 level is still looking very much intact on the daily timeframe. When the market finds support again, we can expect a massive bullish momentum in the coming months.
SOL’s Key Level To Watch
While anticipating, Sol must reclaim its current $225.2 high before breaking higher to tap $250 and $275 in a short time. The key target level to watch for this buying phase is $300.
Providing a discount, Sol may revisit the $194 support level. If the price rolls below it, the lower support level for drops would be $183.4 and $169 in no time.
Key Resistance Levels: $225.2, $250, $300
Key Support Levels: $194, $183.4, $169
- Spot Price: $207.7
- 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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