2023-5-10 09:18 |
Solana and other high-cap altcoins have been trading calmly for some days now with little-to-no volatility. However, it currently sits above psychological support as it decides on the next direction.
After months of remarkable recovery, SOL took a breath after several failed attempts to advance its bullish move above a controversial resistance level at $27 – located inside the orange zone on the daily chart.
Due to this, the momentum paused as the price continues to oscillate at a critical level for more than a week now, making the asset squeeze with choppy price actions. A big shockwave mostly precedes such a buildup when volatility shrinks like this.
In the middle of that, the $22 level is currently providing temporal support after it established a solid level at $20 in April. These support levels are simultaneously held by a four-month trend line.
It is important to note that the price actions have reached a breakpoint on the ascending triangle. We can see that the behaviour of price around the apex of the triangle came with a contraction, which may lead to an expansion any moment from now.
If SOL expands to the downsides, flipping the ascending trend line, we can expect a retest of March’s low as tested by some top altcoins in the past weeks. An expansion to the upside could bring a retest to the mentioned controversial resistance.
SOL’s Key Level To Watch Source: TradingviewWhile anticipating the next move, the support level to watch on the way down is the $20 psychological support. After that, the next stopover would be $18.7 and lastly $17 and $16, which lies as March’s low level.
On the way up, it would need to reclaim the $23.9 and $26.77 resistance levels. Surpassing the $27 mark level will confirm more buying towards $30 and $33.5
Key Resistance Levels: $23.9, $26.77, $30
Key Support Levels: $20, $18.7, $17
Spot Price: $22.4 Trend: Neutral Volatility: LowImage Source: valedol/123RF
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