Sol expects a big step, but will the bulls take control?
Sol expects a big step, but will the bulls take control?
key support level: $ 142
key resistance level: $ 170
Solana (sol) has been consolidated since September 9, when the price reached an all-time high of $ 216, within the blue pennant. Sol now seems to be ready to break out of this formation. The struggle between bulls and bears is decided as soon as the price exceeds the most important resistance (170 USD) or level of support ($ 140). The tension builds up for a possible outbreak when the price of the tip of the triangle approaches.
technical indicators
volume: The volume has been constant since entering the current pennant. The next train can take place in both directions at this time.
rsi: The RSI gives a slightly interest bully tendency due to the higher lows. However, it must also register a higher high before the upward trend is confirmed.
macd: The histogram of the MacD is bullish, but the sliding average have not yet formed a bullish cross. As soon as this happens, the tendency can be positive, especially if the price breaks over the blue pennant.
bias
neutral. It is always best to wait a break above or below the pennant before taking over a story. Therefore, despite a few first signs that Sol could become a bully, this tendency must first be confirmed with a clear break from the pennant.
short-term price forecast for SOL-Prize
It is likely that Sol will break out of this formation before the end of October. The goals for such an event are given at the beginning of this analysis for either Bullish or Bearish. A clean break over these levels can lead to a strong rally or correction, depending on how the market reacts.
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