SOL has been flashing some strong bullish signals lately. It formed a reverse head and shoulders pattern in August, with a classic cup and handle within. Then, in early October, a double bottom formed on the right shoulder of the reverse head and shoulders. Now, with candlesticks looking to break out of a bullish wedge, all signs point toward a potential breakout. The technicals are aligning, and significant gains are on the horizon.
Note
Despite the effects of the geopolitical view on Israel and Iran, SOL performed strongly in its recent pullback in the crypto market. RSI is still in the sweet spot, playing under 70 and above 50, indicating positive momentum in the upward trend without being overbought. The BB power indicator favors the bulls. I see SOL in price discovery aiming to break the $175 resistance. Once it finds new highs and lows above $175 resistance, a pump to the upside to $200 should occur.Trade active
SOL has performed excellently in the past week, reaching new highs. Moving averages from the Golden Cross from mid-October are still in play. RSI is nearing the sold position, indicating that SOL will find a new low, which is still high in value. A bounce should happen after this retrace in the coming week or two.Trade closed: target reached
Sol faces a 9-15% retrace from its all-time high. The RSI indicator verifies that Sol is undervalued and is testing lows at new highs. Sol could test support levels before a bounce to the upside, testing resistance. 
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.