Is it a trap or a tactical pullback?
After breaking above the neckline of the double bottom pattern, SOL price continued to rise with consecutive bullish candles to create a high near $185. The current trading setup suggests that the price only needs to rise by another 10% to create a new yearly high above $205. Therefore, bulls are expected to reach $200 and move towards ATH in the coming days.
The daily trading setup suggests that the trend has turned bullish as the Ichimoku cloud turned bullish. However, the RSI showed a bearish divergence after hitting the upper limit but has not confirmed a trend reversal. Therefore, this suggests that SOL bulls are slightly weak but may resume the strong uptrend in a short time. Therefore, a minor pullback may occur after the sharp fluctuations, which may force the price to fall below $180.
In the long-term bearish scenario, the $175 support level may act as a solid base and prevent the price from falling below these levels. However, this move may be unlikely to happen as bulls seem to be on the alert and may step in as soon as the price drops to $180 or just below it. Therefore, the price of Solana (SOL) remains in the bullish range and may rise above $200 in the coming days, suppressing the bearish possibilities. As a result, the path to new highs above $300 has emerged, which may start a small bull run in the market.
I have carefully prepared and will recommend a series of potential currencies to fans, aiming to double the income by the end of the year. This is not empty talk, but a real layout strategy.
