$SOL

SOL Price Analysis: A Breakthrough is Imminent, Will the Bulls Secure $220?

The trend of SOL is currently brewing for a big move! It is facing resistance at the 50-day moving average ($220), but the bulls clearly do not intend to back down easily. So what are the key levels and strategies ahead? Let’s take a look!

1. Daily Analysis: Uptrend or Pullback?

Bullish Signals: The 20-day moving average ($205) is starting to rise, and the RSI is also in the positive zone, indicating strong buying power.

If SOL continues to rise from the current level or rebounds from the 20-day moving average, the bulls may attempt to break the resistance at $220 again. After a breakout, the price may directly surge to $234, with further potential towards $247.

Risk Points:

If SOL falls below the 20-day moving average ($205), the upward trend will be invalidated, and the price may slide towards the ascending trend line. This indicates that bears are still active in the high range, and short-term trends need to be watched carefully.

2. Short-term 4-Hour Chart: Is the Adjustment Nearing Its End?

Pattern Analysis: On the 4-hour chart, SOL has formed an ascending triangle pattern, which typically indicates that a price breakout may occur.

If SOL breaks the $220 resistance, the price is expected to move towards $234 or even higher.

Support and Resistance:

Strong Support Level: $202. If the price drops to this area and rebounds, it will further strengthen the upward momentum.

Key Resistance Level: $220 is a crucial test for the short-term bulls; a breakout will look towards higher targets.

However, it is important to note that if SOL falls below the 20-day moving average or the key support level of $202, bears may regain control, and there is a risk of price pullback.

3. Operational Suggestions: Respond Flexibly and Go with the Trend!

Bullish Strategy:

If SOL breaks above $220, you can follow the trend to go long, targeting $234 and $247, with a stop loss set below $215.

Bearish Strategy:

If SOL falls below the 20-day moving average ($205) or the key support level of $202, you can cautiously try short positions, targeting near the trend line, with a stop loss set above $210.

Currently, the key trend for SOL lies at the $220 resistance level! If the bulls break through, the upward space will further open up.