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SOL Price Consolidates Above The Bullish Trend line; Time To Buy?

SOL price remains stable around on Tuesday. The price is in a downward trend since November after tagging the records highs.

  • SOL price manages to trade in the green despite the previous session’s sell-off.
  • The price remains pressured below the critical 50-day EMA.
  • Expect more losses if the price closes below $16.0.

SOL price trades sideways

Source: trading view

On the daily chart, the SOL price trades above the descending trend line from the record highs of $260. Further, the price trades above the critical 200-day EMA and 50-day EMA. This indicates an underlying bullish momentum in the asset.

SOL price stated the new series on a higher note. But the upside seems limited near $150. A resurgence in the buying momentum could strengthen the current price action at least in the short term.

If the price remains steady above the bearish sloping on a daily closing basis then the bulls will face upside hurdles. On moving higher an immediate resistance barrier is placed near the January 13 highs of $160. Next investors would crave for a horizontal resistance level near $180.0.

A sustained buying pressure would further push the price towards higher trajectories. The ultimate target for the bulls could be found at $200.0.

On the other hand, if the price fails to sustain the sessions low then it would invalidate the bullish reversal arguments. The bears would revisit the horizontal support level placed at $115 followed by the lows of March 27 at $98.0

As of publication time, SOL/USD trades at $133.34, up 0.72% for the day. The sixth-largest cryptocurrency by the market cap holds a 24-hour trading volume holds at $2,621,743,109 according to the CoinMarketCap.

Technical indicators:

RSI: The daily Relative Strength Index slipped below the average line. Currently, it reads at 45.

MACD: The Moving Average Convergence Divergence hovers below the midline with a neutral bias.

 

 

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

About Author

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.

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