The most recent candlestick above the pattern revealed SOL to further gains while maintaining the possibility of a rebound. SOL was trading at £28.52 at press time, up 1.93% in the previous 24 hours.
SOL’s recent comeback from the £23.77 baseline triggered a purchasing rally, which supported the bulls in pushing the EMA ribbons’ limitations. If the current candlestick closes green, it will confirm a morning star candlestick setup, which will fuel the bullish fire.
Meanwhile, SOL’s growth resulted in a bullish flag-like structure on the daily chart. As a result, SOL swung above the EMA ribbons, indicating a bullish bias.
A sustained close over the £28.52 resistance level may increase buying pressure in the following sessions. Before an anticipated bearish reaction, buyers aim to bring prices towards the first big hurdle around the £29.93-zone. A drop below the EMA ribbons, immediate or gradual, could find testing grounds at the £26.41-zone.
The Relative Strength Index (RSI) discovered a close above the midline, indicating a bullish advantage. Furthermore, the Chaikin’s Money Flow (CMF) high troughs have bullishly diverged with the price in recent days.
An examination of total SOL Futures Open Interest shows a slight increase in Open Interest during the last 24 hours. Similarly, the price action gained more than 1.5% throughout the same period. This result indicated a positive trend in the near term.
The potential targets would be the same as previously discussed. Finally, keeping an eye on the movement of the king coin could help you make a profitable bet.