Amid latest altcoins season, Sol rallied hard in the past week and continued to gain traction daily. It recorded its most weekly gains during that period and now trades well above $110. This rally is likely to end soon.
Last week saw Sol through its most volatile session since the price picked up two months ago. Following the consistent surge, Sol overtook BNB and occupied its spot as the 4th largest crypto by market cap ever since.
It sustained buying pressure and closed strong in that week. Crossing over into a new week bullish, Sol further saw a 10% daily increase to $126.3. That level was quickly rejected and the price retraced briefly.
However, it remains strong and currently changes hand at around $118. A continuous increase could see the price test the April 2022 high before correcting lower.
If that comes into play, the price may roll back to the recently flipped $80 level before bouncing back. Such a setup could bring an “inverse head and shoulder” pattern for a massive price movement in the long term.
The $33 level that broke on October 30 would be a bigger correction level for Sol if the price plunges below that potential bounce level mentioned earlier.
So far, it has returned more than 1000% profits since the start of the year. The overall performance has been so impressive, but it appeared to have entered an overbought zone on the daily chart. The rally may end soon.
SOL’s Key Level To Watch
A strong close above the daily $126.3 high could allow more buys toward the $130 level, followed by $143.4 – all marked as resistance levels.
In the opposite direction, the closest supports to keep in mind for a pullback are the $111 and $100 levels. If the price drops further, the support to watch next is $90.
Key Resistance Levels: $126.3, $130, $143.4
Key Support Levels: $111, $100, $90
- Spot Price: $118.5
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.