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An Inverted Hammer Candlestick Indicates A 38% Upside

Sol price is consolidating below the critical moving averages since April 9. Currently, the sol buyers are making efforts to make a comeback, but face upside challenges. The recent downswing has pushed it below a long-standing trend line, indicating a bearish outlook.

  • Sol price remains muted with sideways movement.
  • Expect, an ascent of 38% from the current levels with the formation of ‘inverted hammer formation.
  • A daily close below $0.98 will invalidate the bullish outlook in the pair.

Sol price trades near support

Sol price is currently trading near $0.70, oscillating near a well-guarded support zone. This is a support-turned-resistance level. Now, the formation of an ‘inverted hammer’ indicates a reversal is around the corner.

Source: Trading View

However, still upside challenges lie in the form of the crucial moving averages placed at the 50-day and 200-day EMAs (exponential moving averages) at $106.88 and $114.42 respectively. If the price managed to move beyond the mentioned filters, the next hurdle will be faced near the ascending trend line at $120.

An acceptance above $120.0 will validate the bullish outlook in the price. As of now, the SOL buyers will flex their muscles to take out the highs of April 2 at $143.57.

While, all things look positive for SOL price, still a spike in the sell order would result in the break of the $0.90 support level.

On moving downside, the sellers would collect the liquidity around $0.80.

As of press time, SOL/USD reads at $103.76, up 0.49% for the day.

Technical indicators:

RSI: The daily relative strength index hovers near the average line with a neutral bias. Any uptick in the indicator would support the bullish outlook.

Volume Indicator: The indicator approaches the oversold zone with the decline in the price. A bounce-back is expected.

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