SOL Monthly ChartSince we're at the end of the month, it's time to look at the monthly charts.
When we look at the price on the monthly chart, we can see that it has settled nicely into these two uptrend channels. Now, let's examine these channels.
Uptrend Channels
The upward momentum that started with the lower channel touch from $8 has brought the price to the middle region of the upper channel. After being rejected there, the price has been holding the lower support of the upper channel for the past 6 months.
Looking at the current situation, the price is standing below the lower support of the upper channel. If it can't close above $160 this month, it will have closed within the lower channel.
If the price can reclaim $160 within the next 2 days before the month ends, the next target would be the middle line of the channel. In this case, we can target the $320 region as the middle line. This is because after holding the lower line of the upper channel for 6 months, the price would start to gain momentum and head towards the middle line of the channel.
However, a close within the lower channel would make the situation more bearish and in this case, we could even target the lower support of the lower channel in the near to mid-term.
GAP
With last year's rise, the price left a GAP, as you can see in the red box. To fill this GAP, we might witness the price moving roughly between $60-$120 for a few months after a crash movement.
This GAP-filling area would also mean that the price accumulates between the lower line and the middle line of the lower channel. Later, when the price tightens there for a few months, the upward movement could restart in 2025.
