- The SOL coin bears have reclaimed the 20 EMA In the daily time frame chart
- The SOL/BTC pair was trading at 0.002649 BTC, with a gain of 1.09%
- The 24hr trading volume in the SOL coin is $1.83 Billion, indicating an 18.57% loss
When the SOL coin price showed a double bottom pattern at the critical support of $125, it drew the attention of several long crypto traders to this coin. This pattern had a neckline at $175, but the coin price could never break out from its neckline, but instead, it was rejected and fell back to the $138 support. Now the price seems to be ready for another chance to breach this overhead resistance level.
Concerning the EMAs, the SOL coin price is trading above the critical EMAs 20, 50, 100, and 200 indicating a bullish alignment in this coin. Moreover, the price has recently reclaimed the 20 EMA line.
The RSI value is 55, indicating a bullish sentiment in the coin.
The SOL Coin Displays A V-shaped Recovery In Its Technical Chart.
The SOL coin has shown an impressive V-shaped recovery in the 4hr time frame chart. As mentioned, the price is charging towards the crucial resistance of the $175 mark. And a decisive breakout from this level would provide an excellent long opportunity to SOL traders.
Moreover, the SOL traders can plot the traditional pivot level in their chart as the price seems to respect its level, providing more confirmation for some significant chart levels.
The MACD indicator (BULLISH) shows that the MACD and signal lines are moving above the neutral zone, indicating bullish momentum in the coin.
Conclusion: From a technical perspective, the overall trend of the SOL coin is still bullish. However, the retracement phase for this coin has not yet ended, and the crypto trader should at least wait for the price breakout from the overhead of the $175 to expect proper long trade for them.
Support – $153
Resistance – $175