Hello everyone, I invite you to review the SOL chart in the USDT pair. First, we will use the yellow line to mark the downward trend lines from which the price has gone up, while currently, we can use the blue lines to mark the sideways trend channel where the price is at the upper limit.
As you can see, the price is again above EMA Cross 200, and here we should watch whether it will be possible to stay above this line in the upward trend.
When we unfold the Trend based fib extension grid, we can see a visible support zone from $19.45 to $18.76, but when the price exits the zone at the bottom and therefore exits the current channel at the bottom, we can see a drop to the vicinity of the second support zone to $17.65 to $16.85.
Looking the other way, we see that the price has reached the resistance zone from $20.33 to $20.71, which has reduced the price for now. However, if it manages to break through this zone, the price must face the second zone from $21.26 to $21.95.
Please look at the CHOP index, which indicates that the energy in this upward movement has been used up, on the STOCH indicator we are moving above the upper limit, which should result in a price recovery, while on the RSI we are in the upper part, which may also indicate an inevitable correction.
As you can see, the price is again above EMA Cross 200, and here we should watch whether it will be possible to stay above this line in the upward trend.
When we unfold the Trend based fib extension grid, we can see a visible support zone from $19.45 to $18.76, but when the price exits the zone at the bottom and therefore exits the current channel at the bottom, we can see a drop to the vicinity of the second support zone to $17.65 to $16.85.
Looking the other way, we see that the price has reached the resistance zone from $20.33 to $20.71, which has reduced the price for now. However, if it manages to break through this zone, the price must face the second zone from $21.26 to $21.95.
Please look at the CHOP index, which indicates that the energy in this upward movement has been used up, on the STOCH indicator we are moving above the upper limit, which should result in a price recovery, while on the RSI we are in the upper part, which may also indicate an inevitable correction.