SOL (SOLUSDT) is looking for a rising bottom - Analysis - 03-12-2024

The price of SOL/USD (SOLUSDT) has decreased during its recent trading at the moment levels, as the price tries to search for a rising bottom to take as a base that may help it gain the necessary positive momentum to regain its recovery, in light of the dominance of the main upward trend and its trading along a minor trend line in the short term, with the continuation of positive pressure due to its trading above its simple moving average for the previous 50-day period, as we notice the beginning of the appearance of a positive intersection in the relative strength indicators, after reaching areas of severe saturation with selling operations, in an exaggerated manner compared to the price movement, which suggests the beginning of the formation of a positive divergence in it.

Therefore, our expectations suggest the return of the currency price to rise during its upcoming trading, as long as the support level of $204.46 remains stable, to target the important resistance level of $264.39 again.

Expected direction for upcoming trades: Likely to rise $SOL