SOL seems to be facing an unstable head-and-shoulders pattern, with the possibility of striking key support levels. The Moving Average Convergence Divergence (MACD) shows that SOL struggles to cross the zero line, indicating bearish sentiment. The Relative Strength Index (RSI) has been coming down from overbought conditions since December 3rd. The 20-day moving average (20ma) and the 200-day moving average (200ma) are converging, potentially undoing the golden cross formation observed on October 13th. This could signal a possible reversal. It's possible that we might see a shakeout followed by a bounce to the upside, or SOL may consolidate at key support levels before bouncing. Keep an eye on its movements.
Support - $215
Resistance - $246
Fear and Greed Index - 78 (Greed)
Support - $215
Resistance - $246
Fear and Greed Index - 78 (Greed)
Trade active
SOL broke through my resistance level at $246 but then faced a rejection. The Moving Average Convergence Divergence (MACD) suggests a potential rally to the upside, as the signal lines seem to be turning bullish and are looking to bounce off the MACD zero line. This may present a possible buy-in opportunity. Additionally, the BBPower indicator shows that the last couple of days have been bullish, indicating positive market sentiment. It looks like SOL is following my bullish wedge pattern.
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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.