This week, Solana SOL advanced bullishly after lifting from a base support some days back. While the bears are currently in disbelief of the latest move, they may suffer more losses if the price keeps surging daily.
As Solana continued to show signs of strength daily, it recently broke above a key $155 resistance (now support) and now looks poise for a big move. The bulls are back in action with a steady surge in the past week.
However, the price is reaching another crucial resistance line, which has been suppressing bullish actions since March. If the price respects this line, Sol may initiate another sell-off to the $122 level that has been producing support since it started to correct lower in the first quarter.
As we can see, the bearish correction is suspended to bullish. A notable cross above this dynamic resistance line would activate a slight shift in the trend until it completely breaks out of the structure for a bigger rally.
Now that the market is on a buying spree for a week, the bears are likely to suffer a huge loss in the bulls’ hands if they sustain momentum in the coming days. There are currently no signs of sellers in the market. If by any chance they find their way back, the market will resume its pending bearish sentiment in no time.
SOL’s Key Level To Watch
Source: Tradingview
As of now, the immediate parallel resistance for Sol is located at $175, after breaking slightly above the falling resistance line. The following resistance levels to watch are $189 and $204.5.
In case of a drop, there’s a close support level at $155 that flipped as resistance on Monday. Below this support lies $146.2 and $137. If these supports fail to produce a bounce, it may navigate $122 as the next key support.
Key Resistance Levels: $175, $189, $204.5
Key Support Levels: $155, $146.2, $137
Spot Price: $162.8
Trend: Bullish
Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: diegothomazini/123RF // Image Effects by Colorcinch
