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SOL forms a rising wedge that could be of concern to the bulls

                                                            SOL steuert auf das wichtige Widerstandsniveau von 200 USD zu.  Ein erfolgreicher Ausbruch und ein erneuter Test als Unterstützung könnten die native Solana-Cryptowährung wahrscheinlich zu einem weiteren Versuch für ihr nächstes großes Widerstandsniveau um den ATH führen.

Major support levels: $ 187

Key Resistance Level: $ 200, $ 205

SOL has found solid horizontal support amid the $ 187 level and is currently targeting the key resistance level of $ 200.

On the other hand, the SOL Prize had formed an ascending wedge that was a textbook-like bearish formation. So it is best to be cautious about current price levels as a brief pullback becomes possible if the wedge pattern is broken.
Chart according to TradingView

This is what awaits you in this article

Technical indicators

Trading Volume: The sustained volume has pushed SOL up further and there is still no weakness. That’s good news for the cops.

RSI: The RSI on the daily timeframe is marching up and recently crossed the 50 point mark. If it manages to break above 58 points it will signal a higher high, which is a clear bullish pattern.

MACD: The MACD on the daily time frame is bullish with an expanding histogram and moving averages. This is exactly what you want to see in a bull trend.
SOL forms a rising wedge that could be of concern to the bulls, Crypto Trading NewsChart according to TradingView


The current bias is bullish, but it is best to watch out for the current resistance level at USD 200 and the bearish pattern of the rising wedge.

Short term forecast for the SOL price

SOL had had a great performance over the past week and was moving at a steady pace above resistance levels. The biggest challenge now is to break the $ 200 mark and build a solid base at that level. The bearish wedge requires caution as a pullback could take place before any further rise occurs.


Source: Crypto News Deutsch

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