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.