The RSI value of the 1-Day chart is 55.38. It means that
SOLUSDT
is having good price fluctuation at the moment. But the candlesticks are above 50-day MA now, meaning that the price is heading for a reversal. Moreover, we need to consider that it’s still under 200-day MA.
SOL has broken out of the falling wedge; traders need to wait for a reversal to touch the upper trendline of the wedge to take a long entry. Stop loss can be placed at the lower trendline of the wedge for a better risk-to-reward ratio.
Meanwhile, our long-term SOL price prediction for 2022 is bullish if it cannot break the support level. We can expect SOL to reach $34 this year.
SOLUSDT
is having good price fluctuation at the moment. But the candlesticks are above 50-day MA now, meaning that the price is heading for a reversal. Moreover, we need to consider that it’s still under 200-day MA. SOL has broken out of the falling wedge; traders need to wait for a reversal to touch the upper trendline of the wedge to take a long entry. Stop loss can be placed at the lower trendline of the wedge for a better risk-to-reward ratio.
Meanwhile, our long-term SOL price prediction for 2022 is bullish if it cannot break the support level. We can expect SOL to reach $34 this year.