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

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

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

SOL worth trades sideways

Supply: buying and selling view

On the each day chart, the SOL worth trades above the descending development line from the report 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 be aware. 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 brief time period.

If the worth stays regular above the bearish sloping on a each day closing foundation then the bulls will face upside hurdles. On shifting increased a direct resistance barrier is positioned close to the January 13 highs of $160. Subsequent traders would crave for a horizontal resistance stage close to $180.0.

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

Alternatively, if the worth fails to maintain the periods low then it will invalidate the bullish reversal arguments. The bears would revisit the horizontal assist stage 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 response to the CoinMarketCap.

Technical indicators:

RSI: The each day Relative Power Index slipped beneath the typical line. At present, it reads at 45.

MACD: The Transferring Common Convergence Divergence hovers beneath the midline with a impartial bias.



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