The overall trend for the SOL coin is still bullish, and the price is currently under a usual correction phase. This pullback brought a 40% discount for the crypto investors as the price plunged to the $150 mark. Currently, the technical chart hints at a bullish reversal from the 150 mark, with its eyes on the $200 mark.
Key technical points:
- The SOL coin price finds support near the 50% Fibonacci retracement level.
- The intraday trading volume in the SOL coin is $2.51 Billion, indicating a 40% loss.
Source- SOL/USD chart by Tradingview
The last time when we covered an article on SOL/USD, the coin price plunged to the $185 support zone, trying to sustain above it. However, the overpowered bears breached this support level, resulting in a downfall of more than 20% within a week. However, the coin price finds sufficient support near the $150 support zone that coincides with the 50% Fibonacci retracement level in the daily chart. The coin price showcased an 18% rise within days, suggesting a bullish recovery.
Presently, the coin trades at $176 while threatening the formation of an evening star candlestick pattern in the daily chart. Moreover, the intraday trading volume shows a decline of 40%.
The crucial EMAs (20, 50, 100, and 200) maintain a bullish alignment while the price finds support near the 100-day EMA. Thus, the EMAs are doing a great job supporting the falling prices and helping the bulls maintain the trend.
The daily Relative Strength Index (43) shows a failure of the slope to rise above the central line in the daily chart due to the possible evening star pattern formation.
SOL/USD Key Levels In The Daily Chart
Source- SOL/USD chart by Tradingview
The SOL coin price maintains the price higher than the $170 mark after the multiple bullish candles formation. However, the crypto trades should wait for a proper breakout from the overhead resistance to get an entry opportunity.
As for the key support levels, traders expect the $150 and $125 to play an important role. Whereas the resistance levels are at the $200 and $250 marks.
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