After a retest of support around $142, SOL is testing previous support as resistance around $152.
A strong break and retest of the $153 area could signal price reclaiming support and heading towards $166.
Failing to do so could lead to a retest and confirmation of $140 as support. Of course, losing support would signal further weakness towards $136 before a reversal potentially taking place.
As mentioned before, price is still trading below 1D 200MA, which could either be signaling weakness or the potential for more upside.
Considering the downward direction of the 1D 200MA could also be a bearish signal, however, this also usually happens before a reversal.
A strong break and retest of the $153 area could signal price reclaiming support and heading towards $166.
Failing to do so could lead to a retest and confirmation of $140 as support. Of course, losing support would signal further weakness towards $136 before a reversal potentially taking place.
As mentioned before, price is still trading below 1D 200MA, which could either be signaling weakness or the potential for more upside.
Considering the downward direction of the 1D 200MA could also be a bearish signal, however, this also usually happens before a reversal.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.