Losing momentum three weeks ago, Sol revisited a critical support level but later bounced back. It is now gearing up for another rally following a notable recovery over the past few days. During the last leg down, Sol found a solid ground and stayed firmly above the $175 level, which has been acting as a key support for almost three months now. A sharp bounce off this support brought a little recovery and the asset is now trading slightly above $200. However, volume inflow currently appears low on the daily scale. But a significant increase in the inflow should set the price up for a bigger gain in the future. As of now, the asset seems to be gathering momentum. Technically, Sol is forming a bullish pattern on the daily chart. From the look of things, it is much more likely to follow the previous pattern that sent the price to $295 last month. If the bulls show strong commitment, we can anticipate such a pattern to repeat to a new high. Currently, the bears are off the market. If they step back in the market as a result of supply, the price may slip back to the mentioned support. A break below this support may lead to a serious loss before locating a new support level. But looking at the current bullish pattern, Sol is expected to see more recoveries in the near term. SOL’s Key Level To Watch Source: Tradingview The resistance levels to watch on the way up are $223 and $244.7. A push above these levels could propel buying to $272 before retaking the recently marked $295 high. If Sol loses the important $200 level again, it may roll back to $187.5 and the crucial $175.9 support. A break below it could cause a major loss to $165 in the future. Key Resistance Levels: $223, $244.7, $272 Key Support Levels: $187.5, $175.9, $165 Spot Price: $202 Trend: Bullish Volatility: Low Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or NFTs. Follow us on Twitter @nulltxnews to stay updated with the latest Metaverse news! Image Source: kviztln/ 123RF
