Technical analysis SOL May 23, 2024
Solana (SOL) broke above the nearest resistance at $185 on May 20, but the bulls could not sustain the higher levels.
The price dropped below $185 on May 21, showing that the bears have not given up yet. However, the upsloping 20-day EMA ($161) and the RSI in positive territory signal that the path of least resistance is to the upside.
If the buyers overcome the hurdle at $165, the SOL/USDT pair could retest the key resistance at $205. This positive view will be invalidated in the near term if the price turns down and breaks below the moving averages.
