SOL Is At The Decision Zone
SOL is back above $100, but the interesting part is not the 4.7% move.
On the 1H chart, the structure has improved significantly.
Price is holding above the 25 MA at $98.34 and 99 MA at $96.97, while the short term 7 MA sits around $101.23. That puts the trend firmly on the bullish side for now.
But there is a problem.
SOL is now approaching the $102.46–$103.08 resistance area. The previous rejection came almost exactly from this zone.
The current move also deserves some caution. Price has pushed higher, but volume is around 134K SOL versus roughly 170K on the 10 period volume average. So far, the breakout attempt does not have overwhelming volume confirmation.
My levels:
$103.08: major breakout level
$102.46: immediate resistance
$99.97: first support
$98.34: 25 MA and key short term support
$96.97: 99 MA and deeper trend support
If SOL closes convincingly above $103 with stronger volume, the recent range could be transitioning into a new leg higher.
If it gets rejected again, I would watch $100 first and then $98.34. Losing the latter would weaken the current structure considerably.
The setup is bullish, but $103 is where SOL needs to prove it.
Would you treat this as a breakout setup or another rejection waiting to happen?
$SOL #solonapumping
SOL is back above $100, but the interesting part is not the 4.7% move.
On the 1H chart, the structure has improved significantly.
Price is holding above the 25 MA at $98.34 and 99 MA at $96.97, while the short term 7 MA sits around $101.23. That puts the trend firmly on the bullish side for now.
But there is a problem.
SOL is now approaching the $102.46–$103.08 resistance area. The previous rejection came almost exactly from this zone.
The current move also deserves some caution. Price has pushed higher, but volume is around 134K SOL versus roughly 170K on the 10 period volume average. So far, the breakout attempt does not have overwhelming volume confirmation.
My levels:
$103.08: major breakout level
$102.46: immediate resistance
$99.97: first support
$98.34: 25 MA and key short term support
$96.97: 99 MA and deeper trend support
If SOL closes convincingly above $103 with stronger volume, the recent range could be transitioning into a new leg higher.
If it gets rejected again, I would watch $100 first and then $98.34. Losing the latter would weaken the current structure considerably.
The setup is bullish, but $103 is where SOL needs to prove it.
Would you treat this as a breakout setup or another rejection waiting to happen?
$SOL #solonapumping
