Looking at the 1-hour chart of Solana, it has been trading in the bilateral pattern, descending triangle.
If Solana breaks the upper trendline, it can reach up to $26.
However, if the bears favor the market, we can expect Solana to reach back to the $18.56 price level.
Upon examination of the moving averages, it appears that SOL is currently trading above the 200-MA, but beneath the 50-MA. This could be indicative of a potential trend reversal for the asset. However, it is worth noting that the RSI of SOL currently sits at 44.55, indicating that it is neither overbought nor oversold. As such, it may be wise to wait for further retracements before entering a trade to achieve a more favorable risk-to-reward ratio.
If Solana breaks the upper trendline, it can reach up to $26.
However, if the bears favor the market, we can expect Solana to reach back to the $18.56 price level.
Upon examination of the moving averages, it appears that SOL is currently trading above the 200-MA, but beneath the 50-MA. This could be indicative of a potential trend reversal for the asset. However, it is worth noting that the RSI of SOL currently sits at 44.55, indicating that it is neither overbought nor oversold. As such, it may be wise to wait for further retracements before entering a trade to achieve a more favorable risk-to-reward ratio.