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.
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
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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