Cryptheory: Crypto and Internet

cryptocurrency, internet and AI meaning, guides, learning

SOL analysis – the price faces strong resistance. Will be able to confirm the reverse pattern?

1 min read
SOL analysis - the price faces strong resistance. Will be able to confirm the reverse pattern?
Source: Riwkratok

SOL is in a growing leg, which has already reached a minimum over 19% profit. However, the market price is struggling with resistance at the point of control level. There is even resistance from previous correction maximums in this area. Volumes on the bull side, they began to grow, and with them the hope that the resistance would be overcome.

One thing is that the market price is at resistance, and the other thing is that even if it overcomes it, the bullish trend may not yet be confirmed. The final confirmation of the growing trend will occur only when the price breaks point 2. This represents the last local maximum and is at $ 236.

SOL / USD 4HSOL / USD 4H. Source: TradingView

SOL is entering new growth

When the price exceeds point 2, it shall be confirmed reverse pattern 123 bottom formation. This pattern is quite long and would mark the beginning of a new growing trend for Solana. As for the bearish scenario, SOL may not fall under point 3, where, by the way, there is a strong support zone.

In the short term, then the price continues upwards and it will be important to monitor whether the price manages to exceed the last maximum. Then there should be no problem in the future attack the new ATH. RSI has also broken resistance from the maximum and indicates the emergence of a growing trend.

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

Leave a Reply

Your email address will not be published. Required fields are marked *