Last week, Sol took a quick downturn after failing to break above a two-month high in the preceding week. However, it has resumed bullish but buying volume looks low following recent price rejection.
After the early-month fallout, Sol created new support at $131, and the price increased nicely as it initiated another major leg up. The price is now stuck as buying pressure cooled off while rejecting $150 yesterday.
With several top altcoins, Sol appears weak after posting a 6% loss in the past 24 hours, although it is now trading calmly at around $143.
A major move from this trading level could determine the next direction. Breaking lower might cause more pain in intraday trading. The bulls may have to defend the recent weekly low well if such a scenario plays.
Reclaiming the recent high could bring more recovery to the price before flipping the important $163.5 resistance level that has become a major obstacle for the bulls in the last two months of trading. Failure to scale through may slow down the most-anticipated bullish rally
Regardless of the above, it is important to note that Sol’s price is still within a buying range. It currently appears to be accumulating for an upward shift as the bulls remain in control on a long-term scale.
SOL’s Key Level To Watch
From the current trading level, the closest resistance for buying is located at $152.4. Above it lies the important resistance level, preventing a bullish move over the past two months. A weekly close above it could send the price to $180.
If Sol loses grip again, it must break below the $133 support before we can consider a leg down. Lower support levels to watch are $127 and $120.
Key Resistance Levels: $152.4, $163.5, $180
Key Support Levels: $133, $127, $120
- Spot Price: $143.8
- 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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