SOL forms the bottom at 9.39. After the formation of the global low, the price forms a prolonged consolidation near resistance and now the phase of realization of the accumulated potential begins. What to expect from the price in the medium term?
Moving averages are showing a strong consolidation. A descending wedge is forming. On the chart I marked the key level of 20.00, which plays a rather important role after the price breaks out of the range. Buyers will have to try hard to hold this area. If the price consolidates above the 20.00 level, the potential for a medium-term long trade to 25.82 will open.
Against the background of bitcoin strengthening SOL continued to consolidate and shows weakness in the market, but while bitcoin stands still we see a bullish reaction from SOL.
Support levels: earlier broken channel boundary, 18.22, 16.00
Resistance levels: 20.00, 22.4
I expect a bullish price reaction to break resistance of the multi-month price channel. A breakout of the level of 20.00 may form a strong momentum towards 25.82
Moving averages are showing a strong consolidation. A descending wedge is forming. On the chart I marked the key level of 20.00, which plays a rather important role after the price breaks out of the range. Buyers will have to try hard to hold this area. If the price consolidates above the 20.00 level, the potential for a medium-term long trade to 25.82 will open.
Against the background of bitcoin strengthening SOL continued to consolidate and shows weakness in the market, but while bitcoin stands still we see a bullish reaction from SOL.
Support levels: earlier broken channel boundary, 18.22, 16.00
Resistance levels: 20.00, 22.4
I expect a bullish price reaction to break resistance of the multi-month price channel. A breakout of the level of 20.00 may form a strong momentum towards 25.82