SOL at critical resistance trendline
SOL is at a crucial resistance trendline in this weekly timeframe.
Here are two scenarios we can consider for SOL in a higher timeframe:
Bullish Scenario: If SOL closes above the $200 resistance trendline in the weekly TF, we are likely to see a decent rally and possibly a new all-time high.
Bearish Scenario: If SOL gets rejected from the $200 resistance level, it is possible to see a correction in SOL.
Fundamentally, SOL is a strong project, and with their meme coins, it is hard to imagine a 70% to 80% drop in SOL.
Technically, SOL is at a decisive point. The RSI is unable to gain momentum, indicating the formation of bearish divergence.
Consideration:
It will be wise to wait for the weekly close and let the chart show some confirmation, either bullish or bearish.
I hope this analysis helps you make a better decision.
Please do your own research and analysis for final confirmation.
Regards,
Team Dexter.
Here are two scenarios we can consider for SOL in a higher timeframe:
Bullish Scenario: If SOL closes above the $200 resistance trendline in the weekly TF, we are likely to see a decent rally and possibly a new all-time high.
Bearish Scenario: If SOL gets rejected from the $200 resistance level, it is possible to see a correction in SOL.
Fundamentally, SOL is a strong project, and with their meme coins, it is hard to imagine a 70% to 80% drop in SOL.
Technically, SOL is at a decisive point. The RSI is unable to gain momentum, indicating the formation of bearish divergence.
Consideration:
It will be wise to wait for the weekly close and let the chart show some confirmation, either bullish or bearish.
I hope this analysis helps you make a better decision.
Please do your own research and analysis for final confirmation.
Regards,
Team Dexter.
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