Hello everyone, I invite you to review the SOL chart on a four-hour interval. As we can see, the price has broken the downtrend channel marked with blue lines, while locally the yellow line will mark the uptrend lines.
Let's start by marking the support spots for the price and we see that the first support to consider is at $18.86, then we have the second support at $17.24 and the third support at $15.94.
Looking the other way, we can similarly determine the places of resistance that the price has to face. And here we see that the price is currently testing strong resistance at $20.55. We continue to have strong resistance at $21.83, once the price breaks it it will move towards the resistance at $23.38.
The CHOP index indicates that the energy has been used for the current increases, the MACD indicates the continuation of the uptrend, while the RSI is moving in the upper part of the range, which may indicate a temporary correction.
Let's start by marking the support spots for the price and we see that the first support to consider is at $18.86, then we have the second support at $17.24 and the third support at $15.94.
Looking the other way, we can similarly determine the places of resistance that the price has to face. And here we see that the price is currently testing strong resistance at $20.55. We continue to have strong resistance at $21.83, once the price breaks it it will move towards the resistance at $23.38.
The CHOP index indicates that the energy has been used for the current increases, the MACD indicates the continuation of the uptrend, while the RSI is moving in the upper part of the range, which may indicate a temporary correction.