SOL/USDT Technical Analysis: Bullish Long-Term Potential, but Sh
SOL/USDT Technical Analysis: Bullish Long-Term Potential, but Short-Term Resistance Ahead
Key Takeaways:
SOL/USDT is currently trading at $21.75, 175% up from its recent bottom.
An inverse head and shoulder pattern's neckline resistance has been broken, but a recent bearish close warrants caution.
The key level to watch is
25, as a break above this level would signal a bullish outlook.
The support level to watch is
20, as a break below this level could lead to a retracement to $15 or $12.
In the long term, SOL has a bullish potential of reaching $100.
Solana (SOL) has been one of the most talked-about cryptocurrencies in 2021, having witnessed a remarkable surge in price over the past few months. In this article, we'll analyze SOL/USDT's technical chart to determine its potential price movement in the near future.
Analysis:
SOL/USDT's current price is $21.75, representing a 175% increase from its recent bottom. The chart indicates an inverse head and shoulder pattern, with the neckline resistance broken. However, a recent bearish close suggests that caution is needed.
The key level to watch is $25. If the price breaks above this level, it would signal a bullish outlook, and we can expect to see the price move higher. On the other hand, if the price fails to cross this level, we may see a retracement to the support level of $20.
Support and Resistance Levels:
The support level to watch is $20. If the price breaks below this level, we may see a retracement to $15 or $12. The 0.5 fib level is at $14.90, and the 0.6 fib level is at $12.80.
Conclusion:
In the long-term, SOL has a bullish potential of reaching $100. However, in the short-term, caution is needed as the recent bearish close suggests that resistance may be ahead. Traders should keep an eye on the key support and resistance levels to determine their next move.
Note: This is not financial advice. Traders should conduct their own research before making any investment decisions.
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Key Takeaways:
SOL/USDT is currently trading at $21.75, 175% up from its recent bottom.
An inverse head and shoulder pattern's neckline resistance has been broken, but a recent bearish close warrants caution.
The key level to watch is
25, as a break above this level would signal a bullish outlook.The support level to watch is
20, as a break below this level could lead to a retracement to $15 or $12.In the long term, SOL has a bullish potential of reaching $100.
Solana (SOL) has been one of the most talked-about cryptocurrencies in 2021, having witnessed a remarkable surge in price over the past few months. In this article, we'll analyze SOL/USDT's technical chart to determine its potential price movement in the near future.
Analysis:
SOL/USDT's current price is $21.75, representing a 175% increase from its recent bottom. The chart indicates an inverse head and shoulder pattern, with the neckline resistance broken. However, a recent bearish close suggests that caution is needed.
The key level to watch is $25. If the price breaks above this level, it would signal a bullish outlook, and we can expect to see the price move higher. On the other hand, if the price fails to cross this level, we may see a retracement to the support level of $20.
Support and Resistance Levels:
The support level to watch is $20. If the price breaks below this level, we may see a retracement to $15 or $12. The 0.5 fib level is at $14.90, and the 0.6 fib level is at $12.80.
Conclusion:
In the long-term, SOL has a bullish potential of reaching $100. However, in the short-term, caution is needed as the recent bearish close suggests that resistance may be ahead. Traders should keep an eye on the key support and resistance levels to determine their next move.
Note: This is not financial advice. Traders should conduct their own research before making any investment decisions.
Follow us for More Quality Content.
Thank you.
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