Chart by TradingView
Key Support levels: $100
Key Resistance level: $130
After SOL hesitated around the $100 level, buyers finally took control and managed to push it above $110. The support at $100 was confirmed, and the next key resistance for SOL is at $130. The bullish momentum is strong, but the volume has been less impressive since the price moved above $100.
Trading Volume: SOL had excellent volume when it broke above $100. It is important for the cryptocurrency not to lose momentum as it moves higher.
RSI: The RSI is getting very close to 70 points which would put it into the overbought area. It seems likely for SOL to reach $130 before any significant pullback.
MACD: The daily MACD is bullish and continues to expand upwards. The first signal that a reversal could happen is when the histogram makes a lower high. So far, this is not the case.
The current bias is bullish.
After a successful breakout above $100, SOL’s price continued up, which is a strong bullish signal. This buying pressure has a good chance to take the cryptocurrency towards $130 if momentum maintains.
