Last week, Sol experienced a serious correction and dipped under $160. Surprisingly, it bounced back after finding support this week and is now looking strongly bullish following a sudden 15% surge.
Looking back from where the price picked from the $120 level in September, Sol’s performance has been highly impressive so far as it maintained a higher high and higher low formation on the daily timeframe.
Its mid-term outlook is now considered highly bullish on the mid-term following another major pump in the last 24 hours. As we can see on the daily chart, the bulls are back on track, gaining dominance at press time.
The pump, however, was triggered by a major bounce off the $155 level on Monday after initiating drops throughout last week. Breaking out of a monthly high, the price hit a high of $188.3 today and briefly cooled off due to a rejection.
Retracing from this high, Sol is now sitting at $185 while looking for hourly support. While it is expected to resume buying shortly, the $190 level may pose a little threat before breaking higher. Failure to overcome July’s high may slow down buying.
From a technical standpoint, negative sentiments have faded. Even if the bears manage to come back, they must retake September’s low before we can consider a bearish move. More positive actions can be expected following the latest positive sentiments surrounding the crypto space.
SOL’s Key Level To Watch
Once Sol resumes buying, the next target would be $190 and majorly the $194 resistance level that stopped bullish actions in July. The higher resistance level for a test is $210 before exploding massively to $300.
Aside from the holding $185 level, a lower level considered for pullback is $169, followed by this week’s $155.1 support. Below it lies $141.
Key Resistance Levels: $194, $210, $300
Key Support Levels: $169, $155.1, $141
- Spot Price: $185.4
- 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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