๐ SOL Daily Chart Analysis โ Bullish Signals Emerging
- Price Action:
- The chart shows SOL breaking out above a long-term descending trendline, a potential trend reversal signal.
- Price is currently consolidating above the trendline, indicating strength and an attempt to flip previous resistance into support.
- This breakout suggests the downtrend that started around $200โ$250 may be over, with SOL attempting a new structure of higher highs and higher lows.
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๐ RSI Divergence โ Bullish Signal
- Indicator Used: RSI (14), with a yellow moving average overlay.
- There is a clear bullish divergence between price and RSI:
- Price made lower lows around March 2025.
- RSI made higher lows at the same time.
- This divergence signals weakening bearish momentum and typically precedes an upward move, which seems to be playing out with the breakout.
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โ Current RSI Reading:
- RSI is currently around 55.56, heading upward.
- This shows momentum is shifting bullish, but not yet overbought, meaning there may still be room to run.
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๐ Conclusion:
- Trendline Breakout + Bullish RSI Divergence = Bullish Bias
- Short-term outlook is positive as momentum builds.
- If SOL maintains support above the breakout level (~$130), a move toward $150โ$160 could be the next target.
- However, watch for volume confirmation and daily close above the trendline for stronger validation.
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