$SOL BREAKS ABOVE THE PIVOTAL $150
Now bulls are here not just to reclaim $200 but reach an all time high. đđđ
So, let's do a recap first from my previous post (thread below) to remind some big mouths that technicals are the backbone.
đą "Solana has found its bottom." I mentioned this after the reversal took off at the support (Blue channel).
đą "Unless it breaks above $150, it's not bullish". Had a clear stance on this particular point and it was yesterday when Sol went past $150.
But traders booking profit above this level created a slight pullback in price with closing above $140 which was still a bullish indication as the volume went massive after Monday's crash.
đ Now to break this Blue Channel (Symmetrical triangle or Bullish pennant) Sol has to undergo three hurdles:
1. The Middle Band (blue line) also the 20MA needs to be broken above.
2. Once the 1st hurdle is clear the next will be resistance at $175. This is where the price needs to stay and hold for some time to provide more stability.
3. Last but not the least the descending blue trendline. Once it breaks this hurdle, $200 will be easy peasy but it'll pull back, take support on this channel again and will march forward.
Let's consider the worst case scenario as well. A pullback from this point will break it down to $150, then we have support at $140 and then a final resort on the ascending blue trendline which will be near $135.
Technical Analysis is the backbone and has an above 75% impact on price. Events are the catalyst which can make or break the market. They are impactful and I'm not denying that but without TA things won't be that easy.
*This is not investment advice. Do your own research before taking any trade.
