The SOL Price Rejects Long-Term Resistance
The weekly timeframe analysis shows that SOL broke out from a long-term descending resistance line, but was rejected by the $27 resistance area. The presence of a long upper wick confirms this resistance. To establish a bullish trend, SOL needs to close above $27.
- SOL’s breakout from a long-term descending resistance line did not result in significant upward movement
- A long upper wick confirms $27 as a resistance area
- Closing above $27 is required to confirm a bullish trend
- The weekly RSI indicates a bearish inclination
- Falling below 50 on the RSI will invalidate the breakout and maintain the bearish trend
SOL Price Prediction: Expect the Decrease to Continue
The daily trend analysis shows a bearish sentiment due to the deviation above the $27 resistance area and the formation of a long upper wick. A lower high and the failure to reach $27 indicate weakness. The daily RSI is descending below 50, confirming the bearish trend.
- The daily trend is bearish due to the deviation and formation of a long upper wick
- A lower high and failure to reach $27 indicate weakness
- The daily RSI is descending below 50, confirming the bearish trend
- A 26% drop towards the ascending support line at $15.40 is expected
Hot Take: SOL’s Bearish Trend Continues
The rejection from long-term resistance and the bearish signals from the weekly and daily timeframes suggest that SOL’s price decrease will persist. Unless SOL can close above $27, the bearish trend remains intact. Traders should be cautious and monitor the price’s movement closely.
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