SOL Price Consolidates Above The Bullish Trend line; Time To Buy?

SOL Price Consolidates Above The Bullish Trend line; Time To Buy?

SOL worth stays secure round on Tuesday. The worth is in a downward development since November after tagging the data highs.

  • SOL worth manages to commerce within the inexperienced regardless of the earlier session’s sell-off.
  • The worth stays pressured under the important 50-day EMA.
  • Count on extra losses if the worth closes under $16.0.

SOL worth trades sideways

Supply: buying and selling view

On the every day chart, the SOL worth trades above the descending development line from the file highs of $260. Additional, the worth trades above the important 200-day EMA and 50-day EMA. This means an underlying bullish momentum within the asset.

SOL worth acknowledged the brand new sequence on the next observe. However the upside appears restricted close to $150. A resurgence within the shopping for momentum might strengthen the present worth motion at the very least within the quick time period.

If the worth stays regular above the bearish sloping on a every day closing foundation then the bulls will face upside hurdles. On transferring larger a right away resistance barrier is positioned close to the January 13 highs of $160. Subsequent traders would crave for a horizontal resistance degree close to $180.0.

A sustained shopping for stress would additional push the worth in direction of larger trajectories. The last word goal for the bulls might be discovered at $200.0.

Then again, if the worth fails to maintain the periods low then it will invalidate the bullish reversal arguments. The bears would revisit the horizontal help degree positioned at $115 adopted by the lows of March 27 at $98.0

As of publication time, SOL/USD trades at $133.34, up 0.72% for the day. The sixth-largest cryptocurrency by the market cap holds a 24-hour buying and selling quantity holds at $2,621,743,109 in line with the CoinMarketCap.

Technical indicators:

RSI: The every day Relative Energy Index slipped under the common line. At the moment, it reads at 45.

MACD: The Shifting Common Convergence Divergence hovers under the midline with a impartial bias.

 

 

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