SOL - Stronger than other coins, but still fragile ⚠️
Let's see how SOL is behaving.
This is a 4H chart. (Mid-Term)
The Fib retracement shows that the price has recently passed a support level and made it turn into resistance. Considering the market situation right now, we should be careful with SOL and keep in mind that the solid resistance won't probably be helpful, but the local levels are the key ones.
Support levels: $70 - $84
Resistance Area: $95 - $106
Bollinger Bands can work as support and resistance too. Here is an example:
The market is showing STRONG SELL volumes for SOL.
Two resistance levels push down on value, and one support level holds the price high and shows strength. The higher band can work as resistance.
The Middle Bollinger Band can push down the value, and the Lower band pushes the price up.
If the price crosses the local resistance and stays above it for confirmation, we can open our long positions, aim for the next resistance, and use it as a TP point.
The RSI shows that SOL is below the 50 levels, the center.
If you want to know how the RSI indicator works, take a look at this Educational Idea. It'll help you have better readings:
Current Market Price: $92
Let me know your ideas.
Good luck.
This is a 4H chart. (Mid-Term)
The Fib retracement shows that the price has recently passed a support level and made it turn into resistance. Considering the market situation right now, we should be careful with SOL and keep in mind that the solid resistance won't probably be helpful, but the local levels are the key ones.
Support levels: $70 - $84
Resistance Area: $95 - $106
Bollinger Bands can work as support and resistance too. Here is an example:
The market is showing STRONG SELL volumes for SOL.
Two resistance levels push down on value, and one support level holds the price high and shows strength. The higher band can work as resistance.
The Middle Bollinger Band can push down the value, and the Lower band pushes the price up.
If the price crosses the local resistance and stays above it for confirmation, we can open our long positions, aim for the next resistance, and use it as a TP point.
The RSI shows that SOL is below the 50 levels, the center.
If you want to know how the RSI indicator works, take a look at this Educational Idea. It'll help you have better readings:
Current Market Price: $92
Let me know your ideas.
Good luck.
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