Many Solana-based projects, such as ORCA, WIF, and RAY, have recovered well in the past week as they pose for a shift following a new bullish pattern. Sol is not left behind but has yet to signal a trend shift.
Losing the important $100 level in the early month crash, Sol later found a solid ground and established support above $95. It initiated a buy and increased for a week. This increase triggered a break out of a descending trendline, serving as resistance since it lost momentum in January.
While this breakout triggers a potential bullish move on the daily chart, we may see a trend shift if the crypto reclaims the recent $296 peak.
An attempt to retest this broken trendline as support proved abortive yesterday due to a bullish interception, and as we can see, they are now pushing higher on the intraday trading. In the middle of that, the price is approaching a close resistance level, which could halt the latest buying.
Breaking higher could bring more recoveries in the price. Otherwise, it may initiate a pullback to retest the trendline before advancing the recent higher high and higher low pattern on the hourly. If this trendline fails to provide support, Sol may slide back to the bottom before the next move.
SOL’s Key Level To Watch
Source: Tradingview
The close resistance level for the bulls right now is $136.7, followed by the $147.5 resistance. Breaking through it could rally us straight to $161 and potentially $180 – last month’s resistance.
Towards the downside, there’s close support at $122.7, along with the hidden $112 support. Below it lies $100 and $95.26. A break below them should set the market up for a massive crash in the long term.
Key Resistance Levels: $136.7, $147.5, $161
Key Support Levels: $122.7, $112, $95.26
- Spot Price: $133.3
- 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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