Sol has shown relatively active short-term trends in recent market performance. From the daily chart perspective, over the past two days, the price of Sol has exhibited an upward trend, closing with consecutive bullish candles, which has attracted market attention.
On November 4th, the price of Sol reached a low of 155 USD. It is noteworthy that at this time, its price was very close to the key Fibonacci level of 154.58 USD at the 0.382 retracement. In the subsequent price action, it successfully broke through the previously explored bottom area and further exceeded the middle band of the Bollinger Bands on the daily chart. This series of breakout actions indicates that Sol has begun to accumulate upward momentum in the short-term trend.
By yesterday, Sol's closing price reached 165.25 USD, which is above a specific Fibonacci level. This level is significant because it not only provides strong support for the current price but also allows Sol to successfully achieve another upward breakout above this support level, further solidifying the short-term upward trend.
Looking at the short-term resistance situation, the key resistance level faced by Sol is 175.91 USD, which happens to be the 0.618 Fibonacci level. Reviewing the period from October 24th to October 30th, Sol repeatedly tested this important golden retracement point but never formed an effective breakout, facing significant resistance and retreating each time it approached this level. Therefore, if Sol can break through this key Fibonacci 0.618 level of 175.91 USD in the short term, its upward momentum will be greatly enhanced, and the price is very likely to launch further upward movements.
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