SOL closed the week with a slight decline of 0.62%, ending at $86.09, while maintaining its position above the short-term EMA20 at $85.65. The cryptocurrency traded within a narrow range of $85.90 to $88.10, with a mid-level trading volume of $547.77 million. Despite the sideways trend, a breakout above the $87.37 resistance could signal upward momentum.
The long-term trend for SOL remains in a consolidation phase, with the price holding above the EMA20, indicating short-term bullishness. However, the overall trend filter suggests a bearish inclination with resistance at $97.13. Key support levels are identified at $85.51 and $82.85, with a breakout above $87.37 potentially leading to targets of $105.67. Traders are advised to monitor these levels closely, especially in relation to Bitcoin's movements, which heavily influence SOL's price action.
SOL Holds Above Key Support Amid Sideways Trend
Disclaimer: The content provided on Phemex News is for informational purposes only. We do not guarantee the quality, accuracy, or completeness of the information sourced from third-party articles. The content on this page does not constitute financial or investment advice. We strongly encourage you to conduct you own research and consult with a qualified financial advisor before making any investment decisions.
