SOL failed to break through ATH, what’s next?

Solana (SOL) is up 30% to hit an almost all-time high of $ 216 after breaking above a symmetrical triangle. According to Binance, SOL missed the ATH by just $ 1.

• Key Support Levels: $ 192, $ 177
• Key Resistance: $ 216

After being rejected by the resistance area at the all-time high, SOL found support at $ 192. If the price corrects further, the next support will be at $ 177. Consolidation makes sense given the dynamics of the recent rally.

Technical indicators

Volume: Volume spiked as Solana broke the symmetrical triangle, causing a rapid rally towards all-time highs. Since then, the volume has fallen, which supports the idea of ​​a consolidation phase before the next step.

RSI: The RSI has now fallen below 70 after entering the overbought zone during the recent bull run. This shows that the bullish momentum has cooled and the price is correcting.

MACD: The histogram and MACD line are still very bullish in the daily time frame, but lose momentum in the 4 hour time frame.

Daily SOL / USDT chart | Source: TradingView

Perspectives

The breakout above the symmetrical triangle shows that the SOL has resumed its long-term uptrend. However, the weakness in short-term technical indicators suggests a correction. The first level of support the bulls need to watch out for is at $ 192 and then at $ 177.

Once the correction is complete, SOL is expected to skyrocket and hit a new ATH.

SOL / USDT 4-hour chart | Source: TradingView

You can see the SOL prices here.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

SN_Nour

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