Hello everyone, I invite you to review the SOL chart on a four-hour interval. As we can see, the price moved sideways from the downtrend channel and now we can use the yellow lines to mark the local sideways trend channel.
Let's start by marking the support spots for the price and we see that we first have a support zone from $20.90 to $19.92, but if the price goes lower, we have another support at $19.04, then at $17.68.
Looking the other way, we can similarly determine the places of resistance that the price has to face. And here we can see that the price is currently fighting a strong resistance at $21.10, then we have resistance at $21.60, once price breaks it it will move towards a strong resistance zone from $22.17 to $22.91, once it manages to break the next resistance is at priced at $23.98.
The CHOP index indicates that we have a lot of energy, the MACD indicates that the upward trend is maintained, while the RSI recovered and returned to the middle of the range.
Let's start by marking the support spots for the price and we see that we first have a support zone from $20.90 to $19.92, but if the price goes lower, we have another support at $19.04, then at $17.68.
Looking the other way, we can similarly determine the places of resistance that the price has to face. And here we can see that the price is currently fighting a strong resistance at $21.10, then we have resistance at $21.60, once price breaks it it will move towards a strong resistance zone from $22.17 to $22.91, once it manages to break the next resistance is at priced at $23.98.
The CHOP index indicates that we have a lot of energy, the MACD indicates that the upward trend is maintained, while the RSI recovered and returned to the middle of the range.