SOL is quickly moving towards $100, which represents a critical resistance. The strength of this bullish momentum will soon be put to the test.
Key Support levels: $78, $56
Key Resistance level: $100, $130
In the past week, SOL has managed to find good support on the $78 level, from where price has now moved on the offensive towards the key resistance at $100. So far, buyers faced little resistance, but their resilience is about to be tested.
Trading Volume: The volume throughout this rally has been sustainable, which allowed the cryptocurrency to approach the $100 target.
RSI: The RSI is moving higher from its mid-point at 50 and has set a higher high. This is a good sign, and there is plenty of room left for it to move higher before becoming overbought (over 70).
MACD: The daily MACD is bullish, with the histogram making higher highs as well. Momentum is clearly on the buyers’ side right now.
The current bias is bullish.
At this time, it seems likely that we will see SOL test the key resistance at $100 before any serious attempt by the bears to push the price into a correction. Bulls will need more volume to manage a breakout above this key level.
Duo Nine is a seasoned cryptocurrency technical analyst with over five years of experience in price action trading. After buying his first Bitcoin in 2014, Duo never left the blockchain ecosystem. You will find him posting charts most of the time and hanging out on his Discord crypto community. Contact: Twitter
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