Ending January on a weak note, Sol posted more losses in the following month and dipped to its lowest level after five months of trading. It has recovered well from the dip, but the bears are not giving up yet.
From a low of $125.5 last month, Sol entered this month on a recovery note and retested $180. It retraced slightly from there due to a rejection and traded at $165 at the time of writing.
This recovery may have brought a sigh of relief since last weekend, but it is important to note that the bearish phase is still active on the daily chart. Meanwhile, that recovery was considered a retracement of the bearish impulsive movement we saw last week.
Following yesterday’s rejection, the price is slowly rolling back on the day. A steady drop could bring us back to the recent low. A breakdown from there could trigger a bigger collapse towards the $100 mark. That could cause more pain and fear in the market if such a setup plays out.
Sol’s recent price recovery revealed a little buying interest in the market. If the bulls show strong commitment in the coming days, the price may recover higher towards the $200 level.
Looking at the market structure, the crypto has found solid support on the daily chart, but it is uncertain whether this support will hold or not.
Source: Tradingview
Because of the recent recovery, Sol is now holding the $151.2, $140 and $125.5 levels as supports. If the price drops off these levels, the next low may surface around $110 or even $100.
Should the price continue to recover, especially above yesterday’s $180 high, the immediate resistance level to keep in mind would be $187.5 and $209. A clear push above it could send us to $245 and $270 in no time.
Key Resistance Levels: $187.5, $209, $245
Key Support Levels: $151.2, $140, $125.5
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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