Registering over 70% gains this month alone, Sol initiated drops this week and began to lose momentum. While it is trying to end the month on a weak note, the trend is still considered bullish in the mid-term.
Looking back from where the price rebounded earlier this month, Sol has seen major price growth following an impressive gain so far.
Breaking to a new all-time high last week, the bears intercepted further buying and the rally stopped. This interception brought a slight drop in the late week and the price closed slightly weak. Now that the price has become weaker on the daily chart, more price decline can be expected.
Technically, the party seemed to be over for the bulls on a weekly scale, although they are still in control from a long-term perspective. From the look of things, they are likely to resume shortly after the temporal drops.
However, the ongoing retracement looks healthy for the market as it provides another buying opportunity for traders and investors. The key level to watch for a retest is $210 – the previous ATH – where the buyers are looking to step back into the market.
It is important to note that the bullish structure remains intact in the long term. Currently, there are no signs of reversal. Even if that happens, the price must dip below $100 before considering a bearish move.
SOL’s Key Level To Watch
Source: Tradingview
The potential rebound level to watch in the ongoing retracement is $210, although the $225.2 level is currently providing support. If these levels break, lower support levels for a retest are $194 and $183.4.
For a rebound, the immediate resistance level to watch is $248.4 and $264.4 – the current ATH. A new short-term high may come around $280 and potentially $300 when the price breaks up.
Key Resistance Levels: $248.4, $264.4, $280
Key Support Levels: $225.2, $210, $194
- Spot Price: $229.4
- 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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