An ascending channel is defined as the price action contained between two parallel upward-sloping lines. This price pattern is distinguished by higher highs and lower lows. An ascending channel is created by drawing a lower trend line that connects the swing lows and an upper channel line that connects the swing highs.
Price does not always remain entirely formed within the parallel lines of an ascending channel, but instead shows areas of support and resistance that traders can use to set stop-loss orders and profit targets. A breakout above an ascending channel may indicate a continuation of the upward trend, whereas a breakdown below an ascending channel may indicate a change in trend.
Currently, Solana (SOL) is at $36.18. If the pattern continues, the price of SOL might reach the resistance level of $46.85, and $68.31. If the trend reverses, then the price of SOL may fall to $32.29, and $25.67
Solana (SOL) Support and Resistance Levels
From the above daily time frame, we can clearly interpret the following as the resistance and support levels of Solana (SOL).
Resistance Level 1 – $42.78
Resistance Level 2 – $58.60
Resistance Level 3 – $82.70
Resistance Level 4 – $117.60
Support Level – $26.67
The charts show that SOL has performed a bullish trend over the past month. If this trend continues, SOL might run along with the bulls overtaking its resistance level at $117.60.
Accordingly, if the investors turn against the crypto, the price of the SOL might plummet to almost $26.67, a bearish signal.
Happy Trading !
Price does not always remain entirely formed within the parallel lines of an ascending channel, but instead shows areas of support and resistance that traders can use to set stop-loss orders and profit targets. A breakout above an ascending channel may indicate a continuation of the upward trend, whereas a breakdown below an ascending channel may indicate a change in trend.
Currently, Solana (SOL) is at $36.18. If the pattern continues, the price of SOL might reach the resistance level of $46.85, and $68.31. If the trend reverses, then the price of SOL may fall to $32.29, and $25.67
Solana (SOL) Support and Resistance Levels
From the above daily time frame, we can clearly interpret the following as the resistance and support levels of Solana (SOL).
Resistance Level 1 – $42.78
Resistance Level 2 – $58.60
Resistance Level 3 – $82.70
Resistance Level 4 – $117.60
Support Level – $26.67
The charts show that SOL has performed a bullish trend over the past month. If this trend continues, SOL might run along with the bulls overtaking its resistance level at $117.60.
Accordingly, if the investors turn against the crypto, the price of the SOL might plummet to almost $26.67, a bearish signal.
Happy Trading !
Trade active