Key Reduction levels: $166, $146
Key Resistance level: $187
SOL accomplished a bearish MACD mistaken on the weekly timeframe after the all-time excessive and this downtrend fully intensified since. SOL has to preserve its value above the vital pink meat up at $166 if there is any hope to ruin the latest decline. If it fails, the price would possibly perchance presumably presumably also tumble decrease searching for unusual pink meat up. The most contemporary resistance is at $187, the place SOL turned into once sharply rejected.
Technical Indicators
Trading Quantity: Quantity has remained fixed right thru this downtrend, and bears ruin no longer appear happy but.
RSI: The RSI on on daily basis is falling and has remained within the bearish zone (under 50 facets). It appears to be like likely to descend again, and the hope is that if it reaches overbought prerequisites, the bulls will leap assist.
MACD: The MACD on the on daily basis timeframe did a bullish mistaken three days within the past, but this now appears to be like to reverse assist down. The weekly MACD is firmly bearish and creep will preserve so for about a weeks no longer decrease than.
Bias
The most contemporary bias is bearish infected by the symptoms.
Brief-Term Prediction for SOL Trace
SOL’s correction will presumably proceed, and there’ll be no longer decrease than one extra Elliot wave down prior to a doable reversal. If the latest pink meat up at $166 fails, then SOL has one other chance to reverse the downtrend at $146.
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