Sol appears strong today as the price increased by roughly 12% since yesterday. A monthly bounce triggered this surge, but its overall short-term outlook is still considered bearish.
Recovering from the recent low of $112, Sol posted a double-digit gain and is now trading well above $140 after almost two weeks of trading. Although it stills sits in a bearish territory on the daily timeframe and might resume selling actions anytime soon.
As of now, it is gathering momentum for the next sell-off as it undergoes a short retracement. The bulls are currently taking charge on a daily. But from the look of things, they are much more likely to lose control soon.
Should they manage to sustain the momentum for long, we may see a huge rally above $150 before losing grip. If that happens, we can expect another decline capable of causing serious pain in the market. The $100 level remains a psychological area for selling in the short term.
A drop off this level could bring an end to the bullish season, and at the same time, signal a long-term bearish move. While supply looks low on the daily chart, Sol’s demand may decrease if the bulls fail to show strong commitment in the future.
SOL’s Key Level To Watch
Source: Tradingview
Sol’s immediate line of resistance right now is $152.9. If the price increases above this level, the next key resistance to watch on the way up is $180, followed by the $209 level.
The recently broken $136.7 level now serves as support. While there’s a high chance for a drop, the potential support level on the way down is $112. Losing these levels could fuel a bigger drop to $100 and maybe $90 in the future.
Key Resistance Levels: $152.9, $180, $209
Key Support Levels: $136.7, $112, $100
- Spot Price: $142.5
- Trend: Bearish
- 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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