SOLUSDT managed to break above the key $100 resistance level and now has a clear path to potentially rise to as high as $110 in the next 48 hours. However, investors and traders may want to start taking profit as the altcoin approaches the barrier, given the fact that SOL has been in a multi-day positive sequence for the past week. A drop below $100 may be a good exit point. However, if this bullish momentum continues, the crypto could soon break above the $110 barrier.If the Solana price falls below the bullish channel that has formed on its charts, it may drop to $90. Continued sell pressure could then lead to SOL falling to as low as $82.35 in the next couple of days. In an extremely bearish scenario, the altcoin may fall to as low as $70 in the short term.
Technical indicators on SOL’s daily chart suggested that the crypto may continue rising in the next 48 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are flagging bullish. The MACD line is breaking away above the MACD Signal line, which may indicate that SOL’s bullish trend is growing stronger. In addition to this, the Relative Strength Index (RSI) is breaking away above its Simple Moving Average (SMA) line. This is generally seen as a sign that buyers are growing stronger against sellers.
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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.