The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice
The consistent efforts of buyers to breach the 61.8% Fibonacci level could translate into a bull rally. The bulls, however, still need more firepower to find a sustained position above the supply zone.Source: TradingView, SOL/USD This bullish break helped the buyers test the 61.8% Fibonacci resistance before retesting the upper trendline of the down channel. The bullish resurgence from there provoked a morning star candlestick pattern. This setup aided the buyers in jumping above the north-looking 20/50 EMA.
The price action later saw a minor rejection of higher prices near the supply zone. A reversal from this level would confirm a bearish hammer on the daily timeframe. In this case, SOL would fall back to retest the Point of Control near the $38-level.
Source: News Formal (newsformal.com)
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