SOL is heading towards the $200 crucial resistance level. A successful breakout, and retest as assistance, might likely lead the Solana native cryptocurrency for another shot for its next major resistance level around the ATH.
Key Support levels: $187
Secret Resistance level: $200, $205
SOL has found a strong horizontal support line in the middle of the $187 level and is currently considering the $200 key resistance level.
On the other hand, the SOL price had formed an ascending wedge which is a book bearish development, so best to be cautious around current rate levels as a brief pullback becomes possible upon breaking down the wedge pattern.
Chart by TradingView Technical Indicators Trading Volume: Continual volume has actually continued to press SOL greater and there is no weak point yet. This is excellent news for the bulls.
RSI: The RSI on the everyday timeframe is marching upwards and recently crossed the 50 points mark. If it manages to reach over 58 points, this will signal a higher high which is a clear bullish pattern.
MACD: The MACD on the day-to-day timeframe is bullish with an expanding pie chart and moving averages. This is exactly what one wants to witness in a bull pattern.
Chart by TradingView Predisposition The existing bias is bullish but best to keep an eye out for the current resistance level at $200 and the rising wedge bearish pattern.
Short-Term Forecast for SOL Cost
SOL had seen piece de resistance in the past week, crossing the resistance levels at a consistent speed. The greatest obstacle now is to break beyond $200 and create a strong base at this level. The bearish wedge requires care as a pullback could happen before a further rate boost.
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