- The SOL coin shows a bearish divergence in its daily RSI chart
- The SOL/BTC pair was trading at 0.00002188 BTC, with a loss of 0.33%
- The 24-hour trading volume in the SOL coin is $3.32 Billion, indicating a 26.58% gain
As mentioned in my previous article on Solana, the SOL coin provided an excellent long opportunity for crypto traders when the prince gave a bullish breakout from the asymmetrical triangle pattern and reached the previous All-Time High of $216.
Furthermore, the coin price gave a minor pullback to the $176 mark and then continued its rally, which even broke the crucial resistance of $216.
Regarding the EMAs, the SOL coin price is trading above the crucial EMAs 20, 50, 100, and 200 indicating a bullish alignment in this coin. Moreover, the 20 EMA also acts as strong dynamic support to the coin price.
The RSI value is 73, indicating a bullish sentiment within the SOL coin. However, the RSI chart also displayed a bearish divergence, suggesting weakness in this rally.
The SOL Coin could retrace back to retest the broken resistance.
The SOL coin displayed a clear Cup and Handle Pattern in the 4-hour time frame chart. The critical resistance level for this pattern is $216, and the price has already broken through this resistance level. However, the price is currently returning to this level, which should act as good support now so that the price can continue its rally.
According to the traditional pivots, the nearest horizontal resistance for SOL price is $241.5, followed by the $261 mark. However, If the price fails this mentioned retest at $126 level, the next significant support would be $200.
Conclusion: From a technical perspective, the overall trend of the SOL coin is strongly bullish. And as mentioned, the technical chart also relieved a breakout from the bullish pattern, and the crypto trade can wait for the retest that would validate if the breakout is genuine or not.
Support – $216
Resistance – $241.5