SOL is at a pivotal level on the 6H.
Currently price is trading above the blue 200 MA. It is very important to see 6H candles continue to close above this MA. This is because it was the MA where price rejected from twice before the crash. Therefore, if bulls are able to flip this into new support then it will be easy to continue higher.
Also keep an eye on the 6h RSI. Right now it is getting rejected from overbought conditions (lower red arrows) but if strength comes into this market tomorrow/this weekend then we can break above and spend some time in overbought as the momentum continues to the upside.
What we do not want to see here is momentum start to stall and the buying pressure dry up. If that is the case and we lose the 200 MA again as well as our white trendline then a retest of the recent lows is still on the table.
Currently price is trading above the blue 200 MA. It is very important to see 6H candles continue to close above this MA. This is because it was the MA where price rejected from twice before the crash. Therefore, if bulls are able to flip this into new support then it will be easy to continue higher.
Also keep an eye on the 6h RSI. Right now it is getting rejected from overbought conditions (lower red arrows) but if strength comes into this market tomorrow/this weekend then we can break above and spend some time in overbought as the momentum continues to the upside.
What we do not want to see here is momentum start to stall and the buying pressure dry up. If that is the case and we lose the 200 MA again as well as our white trendline then a retest of the recent lows is still on the table.
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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.