2024-5-31 17:56 |
The past few days saw Sol through a slight pullback after testing a key level last week. However, it has found solid support but is yet to initiate a major buy following a new bullish pattern on the daily chart.
This month has been interesting for Sol as it registered an impressive gain in the past few weeks. The bulls appeared to be back in control as they prepared to reclaim more highs in the coming weeks.
However, after rejecting a key resistance line, things have slowed down a bit. This slight break in buying led to a pullback and the price fell to $161 last weekend.
That brought a retest to the neckline of the flipped inverse head and shoulder pattern. It held as support and Sol saw a three-day bounce near $174. It is now changing hands at around $168 due to the latest price weakness.
Despite that, the bulls are showing interest in the lower time frame. But unfortunately, there’s not enough buying volume to bring them back at the moment. Following a new bullish pattern since the start of the month, Sol is likely to advance its higher high and higher low formation soon. If not, we can expect more pullbacks.
Technically, Sol is providing a high-probability setup for a massive upward movement on the daily chart. If that comes into play, we should expect a quick buy to the top before rallying hard.
SOL’s Key Level To Watch Source: TradingviewWhile gearing for another increase, the potential resistance levels to watch are $173.9 and $189. Above it lies $204 and the crucial $210 resistance before breaking higher.
Aside from the $161 level, which has been serving as key support for the past few days, the $149.3 and $136 are other holding supports to watch for a drop.
Key Resistance Levels: $173.9, $189, $204
Key Support Levels: $160, $149.3, $136
Spot Price: $167 Trend: Bullish Volatility: ModerateDisclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: alexandarilich/123RF // Image Effects by Colorcinch
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