It’s been a long time coming for Solana (SOL), but it finally looks as though the $SOL price is breaking up through a descending trendline in place since mid-January. What’s next for the busiest blockchain in crypto?
$SOL breakout or another rejection?
Source: TradingView
The 12-hour chart for $SOL shows that the price is breaking beyond the descending trendline. However, a successful, confirmed breakout is very much dependent on whether Bitcoin is able to consolidate just below its all-time high and then continue upwards.
The Stochastic RSIs for the 4, 8, and 12 hour time frames have the indicators right at the very tops, so it may just be that $SOL eventually receives another rejection from this descending trendline.
4 days left for $SOL bulls or bears to gain control
Source: TradingView
The weekly time frame for $SOL shows a mixed picture. While the price is ready to break out, and this is supported by the Relative Strength Index having its indicator line angled upward, the Stochastic RSI indicators are coming down from the top, indicating a potential loss of upside price momentum.
All this said, these indicators do not confirm until the end of this week. Therefore, there are more than four days for either the bulls or the bears to gain control.
SOL/BTC still very much in favour of $BTC
Source: TradingView
The weekly SOL/BTC chart illustrates that there is much work to be done by the $SOL bulls to turn around a chart that is very much still in favour of $BTC. Strong resistance remains overhead, and the Stochastic RSI indicators at the bottom of the chart are heading down. It just might be that it’s not $SOL’s turn yet.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
