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Key Support levels: $100
Key Resistance level: $130
After SOL hesitated around the $100 level, buyers finally took control and managed to push it above $110. The support at $100 was confirmed, and the next key resistance for SOL is at $130. The bullish momentum is strong, but the volume has been less impressive since the price moved above $100.
Technical Indicators
Trading Volume: SOL had excellent volume when it broke above $100. It is important for the cryptocurrency not to lose momentum as it moves higher.
RSI: The RSI is getting very close to 70 points which would put it into the overbought area. It seems likely for SOL to reach $130 before any significant pullback.
MACD: The daily MACD is bullish and continues to expand upwards. The first signal that a reversal could happen is when the histogram makes a lower high. So far, this is not the case.
Bias
The current bias is bullish.
Short-Term Prediction for SOL Price
After a successful breakout above $100, SOL’s price continued up, which is a strong bullish signal. This buying pressure has a good chance to take the cryptocurrency towards $130 if momentum maintains.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.