SOL eyes $263 for breakout

Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.

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Technical analysis

• SOL bounced off the main horizontal support of $220, and the price has now bounced up to the local horizontal level of $240.
• Price is in a larger range here between $220 (horizontal support) and the major horizontal resistance at $263.
• The RSI is in the middle territory, but it's below its moving average.

• Next Support: $220
• Next Resistance: $263
• Direction: Neutral
• Upside Target: $263
• Downside Target: $220

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Cryptonary's take

There's no need to go heavy in detail here. SOL is just a range bound between $220 and $263, and we're expecting that to continue in the short term. Of course, a breakdown of the key levels ($220 and $263) will be the key thing to watch. Be patient with this and just let time give you/us more candles and, therefore, more information. There's no point getting stuck into (trading) something that's in the middle of a larger range. If we had to call it, we'd say there's more chance of a retest of $220 first than a retest of $260.