SOL is heading towards the key resistance level of $ 200. A successful breakout and retest as support could likely lead Solana’s native cryptocurrency for another shot for its next major resistance level around the ATH.
Key assistance levels: $ 187
Key Resistance Level: $ 200, $ 205
SOL has found a solid horizontal support line amid the $187 level and is currently eyeing the $200 key resistance level.
On the other hand, the SOL price had formed an ascending wedge which is a classic bearish formation, so it is better to be careful with the current price levels as a short pullback becomes possible after the wedge pattern is broken.
Technical Indicators
Trading Volume: Sustained volume has continued to push SOL higher and there is no weakness yet. This is good news for the bulls.
RSI: The RSI on the daily calendar is up and recently crossed the 50 point mark. If it manages to hit more than 58 points, it will signal a higher high which is a clear uptrend.
MACD: The MACD on the daily timeframe is bullish with an expanding histogram and moving averages. This is exactly what one wants to witness in a bull trend.
Bias
The current bias is bullish, but you better watch out for the current resistance level at $ 200 and the downtrend of the rising wedge.
Short-Term Prediction for SOL Price
SOL had seen great performance in the past week, moving across the resistance levels at a steady pace. The biggest challenge now is to break beyond $200 and create a solid base at this level. The bearish wedge requires caution as a pullback could take place before a further price increase.
