Solana (SOL) is up 30% and almost touched an all-time high of $216 after breaking above a symmetrical triangle. SOL missed the ATH by just $1, according to Binance.
- Key Support Level: $192, $177
- Key Resistance: $216
After being rejected by the resistance area at all-time high, SOL found support at $192. If the price corrects further, the next support will lie at $177. Looking at the dynamics of recent rally, consolidation makes sense.
Volume: Volume spiked as Solana broke above the symmetrical triangle, leading to a quick rally towards all-time highs. Since then, volume has dropped, supporting the idea of a period of consolidation before the next move.
RSI: The RSI has now dipped below 70 after entering the overbought zone during the recent bull run. This shows that the bullish momentum has cooled down and the price is correcting.
MACD: Histogram and MACD line are still very bullish on the daily timeframe, however they are losing momentum on the 4-hour timeframe.
Daily SOL/USDT Chart | Source: TradingView
The breakout above the symmetrical triangle shows that the SOL has resumed its long-term uptrend. However, the weakness in short-term technical indicators is suggesting a correction. The first level of support that the bulls need to watch out for is $192 and then $177.
Once the correction is complete, SOL is expected to skyrocket and reach a new ATH.
SOL/USDT 4-hour chart | Source: TradingView
You can view SOL pricing here.
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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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