The SOL price remains stable on Tuesday. The price has been in a downtrend since November after marking record highs.
The SOL price manages to trade in the green despite the previous session’s sell-off. The price remains under pressure below the critical 50-day EMA. Expect more losses if the price closes below $16.0.
SOL Price Trading Sideways
Source: Trading View
On the daily chart, the SOL price is trading above the declining trendline from the record highs of USD 260. Furthermore, the price is trading above the critical 200-day EMA and 50-day EMA. This indicates underlying bullish momentum in the asset.
SOL price listed the new series at a higher level. But the upside seems limited near $150. A resurgence in buying momentum could bolster current price action, at least in the near term.
If the price holds steady above the bearish slope on a daily close basis, then the bulls will face upside hurdles. Moving higher will place an immediate resistance barrier near the January 13 highs of $160. Subsequent investors would crave a horizontal resistance level near $180.0.
Continued buying pressure would push the price further higher. The ultimate target for the bulls could be found at $200.0.
On the other hand, if the price does not keep the sessions low, it would invalidate the bullish reversal arguments. The bears would revisit the $115 horizontal support level followed by the March 27 lows at $98.0
As of publishing time, SOL/USD is trading at $133.34, up 0.72% for the day. The sixth largest cryptocurrency by market cap has a 24-hour trading volume at $2,621,743,109 according to CoinMarketCap.
RSI: The daily Relative Strength Index fell below the average line. It currently stands at 45.
MACD: The moving average convergence divergence hovers below the centerline with a neutral bias.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication is not responsible for your personal financial loss.
About the author
Rekha started out as a Forex market analyst. Analysis of fundamental news and its impact on the market movement. Develop interest in the fascinating world of cryptocurrency later on. Tracking the market using technical aspects. Investigate analysis of the chain to follow the market.
This post SOL Price Consolidating Above Bullish Trendline; Time to buy?
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