SOL: Pullback in Uptrend
Solana (SOL) technical analysis:
Trade setup: Following a bullish breakout from Falling Wedge pattern, price rallied over 200% to $60 resistance where it paused briefly and broke through it. There was a Bearish RSI Divergence that formed after price made a Higher High but RSI made a Lower High. Price could pullback to $47 support area, which is close to a 50% Fibonacci retracement level as well. That could be an attractive swing trade entry in Uptrend. Price appears poised to continue its run and revisit $80 resistance.
Trend: Uptrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Bullish but inflecting. MACD Line is above MACD Signal Line and RSI is above 55 but momentum may have peaked since MACD Histogram bars are declining, which suggests that momentum is weakening.
Support and Resistance: Nearest Support Zone is $47 (previous resistance), then $38. The nearest Resistance Zone is $60, then $80.
Trade setup: Following a bullish breakout from Falling Wedge pattern, price rallied over 200% to $60 resistance where it paused briefly and broke through it. There was a Bearish RSI Divergence that formed after price made a Higher High but RSI made a Lower High. Price could pullback to $47 support area, which is close to a 50% Fibonacci retracement level as well. That could be an attractive swing trade entry in Uptrend. Price appears poised to continue its run and revisit $80 resistance.
Trend: Uptrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Bullish but inflecting. MACD Line is above MACD Signal Line and RSI is above 55 but momentum may have peaked since MACD Histogram bars are declining, which suggests that momentum is weakening.
Support and Resistance: Nearest Support Zone is $47 (previous resistance), then $38. The nearest Resistance Zone is $60, then $80.
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