SOL Technical Analysis: Bulls Deny To Stay Under $100
Table of contents
Key technical points:
Past Performance of SOL
SOL coin price trades at $101.86 with a price jump of 8.12% in the last 24 hours, resulting in a bullish reversal from the $90 mark. As we mentioned in our previous article, the coin price continues to reach the resistance trendline of the falling expanding channel. However, the recent jump in bullish momentum shows the possibility of a bullish breakout.
Source-Tradingview
SOL Technical Analysis
The SOL coin price continues to take support from the $90 mark and forms a double bottom pattern with the neckline at the $120 mark. Hence, traders can find bullish entry opportunities with the breakout of the $120 mark.
The RSI Indicator shows a sudden rise in the slope as it approaches the 14-day average and may shortly reach the 50% mark. Moreover, the slope shows a bullish divergence in the double bottom pattern.
The Stochastic RSI indicator projects the end of the bearish cycle as the K and D lines give a bullish crossover in the oversold zone. Hence, the potential growth in the lines will indicate a jump in buying pressure.
In conclusion, the indicators project the possibility of a double bottom breakout and a price jump above the $115 mark.
Upcoming Trend
The SOL coin price struggles to sustain above the $100 mark despite the recent rise in bullishness. However, the possibility of the price jump above the $120 mark will decide the upcoming trend. Hence, traders need to wait for the price action confirmation.
Support Levels:$90 and $70
Resistance Levels: $120 and $150