Can it rise by 15% to $160 this week?
After a bearish start, weekly trading was expected to be bearish. However, the market sentiment slightly shifted to the positive range as the SEC withdrew its investigation into Ethereum 2.0. Meanwhile, there were concerns that the price of Solana (SOL) would unlock a huge bearish opportunity but has currently shown some possibility to recover its losses.
Therefore, the next few hours can be considered equally important as a sustained rise could bring the coin back to the bullish range.
The price of SOL has been receiving a lot of attention ever since the coin overcame the “FTX fiasco” and multiple crashes. The confidence and faith of traders in the coin has remained largely intact and, as a result, the price has been rising over the past 6 months.
Unfortunately, the bearish cartel got caught up in the beginning of the second quarter and, as a result, the coin has been facing a tough time. As a result, the SOL price fell into the bullish range and the recent rise can be seen as an attempt to recover within the range.
Solana’s daily chart had been bullish until the recent blow forced the price to break below the lower support level. Since the coin failed to hold and bounce from the resistance zone between $155 and $159, the supertrend has turned bearish and continues to remain in the range. Although the price started to rebound after hitting the bottom below $128, the bullish rebound could not be verified.
In addition, the RSI tried to trigger a bullish reversal before testing the lower support level, which brought some hope. However, unless the SOL price maintains a strong rise and touches the supertrend, the reversal of the bearish trend cannot be confirmed. Therefore, Solana price is expected to hover between the rising support-turned-resistance levels for a few days.
Once the bulls gain strength, the price is expected to enter a decisive symmetrical triangle and then start a strong rise to break through the overhead resistance and break through $160.
This period of time is a good time node to consider layout
Observation: io, people, pepe, wif, not, pizza, sol...
Again, I will continue to lay out ambush spot in this market,
If you want to go ashore and want to witness the strength, welcome to flirt! ! ! !
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