Despite Dark Phase In Crypto Market Solana Aims To Break $180 https://ift.tt/3F6E1Qd

The overall trend for the SOL coin is still bullish, and the price is currently under a usual correction phase. This pullback brought a 40% discount for the crypto investors as the price plunged to the $150 mark. Now, the technical chart hints at a bullish reversal from the $150 mark, focusing on the $200 mark.

Key technical points: 

• The SOL coin price finds support near the 50% Fibonacci retracement level. 
• The intraday trading volume in the SOL coin is $2.51 Billion, indicating a 40% loss.

Source- SOL/USD chart by Tradingview

The last time when we covered an article on SOL/USD, the coin price plunged to the $185 support zone, trying to sustain above it. However, the coin price finds sufficient support near the $150 support zone coincides with the 50% Fibonacci retracement level in the daily chart. However, the overpowered bears breached this support level, resulting in a downfall of more than 20% within a week. The coin price showcased an 18% rise within days, suggesting a bullish recovery.

Presently, the coin trades at $176 while threatening the formation of an evening star candlestick pattern in the daily chart. Moreover, the intraday trading volume shows a decline of 40%. 

The crucial EMAs (20, 50, 100, and 200) maintain a bullish alignment while the price finds support near the 100-day EMA. Thus, the EMAs are doing a great job supporting the falling prices and helping the bulls maintain the trend.

The daily Relative Strength Index (43) shows a failure of the slope to rise above the central line in the daily chart due to the possible evening star pattern formation.

SOL/USD Key Levels In The Daily Chart

Source- SOL/USD chart by Tradingview

The SOL coin price maintains the price higher than the $170 mark after the multiple bullish candles’ formation. However, the crypto trades should wait for a proper breakout from the overhead resistance to get an entry opportunity.

As for the critical support levels, traders expect the $150 and $125 to play an important role. In contrast, the resistance levels are $200 and $250 marks.