Solana Rate Analysis: SOL’s Forming an Increasing Wedge, Which Might Be Fretting for the Bulls

Solusdt 2021 12 26 17 47 43

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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PrimeXBT Special Deal: Use this link to sign up & go into POTATO50 code to get 25% off trading fees.Disclaimer: Information discovered on CryptoPotato is those of authors quoted. It does not represent the viewpoints of CryptoPotato on whether to purchase, offer, or hold any financial investments. You are advised to conduct your own research prior to making any financial investment decisions. Use offered information at your own threat. See Disclaimer for more information. Cryptocurrency charts by TradingView. Source

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