SOLUSD +200% new year rally facing the most important Resistance

Solana (SOLUSD) has been on a tremendous +200% rally since the December 29 market bottom. The 1D RSI has turned extremely overbought, dwarfing the previous 80.000 of April 01 2022. That was a Lower High on the Channel Down pattern that has been in effect since the November 08 2021 market top, practically dictating the trend of this Bear Cycle.

The price now hit the top (Lower Highs) of this Channel with the 1D MA200 (orange trend-line) right above it. This is the most important Resistance for SOL as it is where it failed on November 05 2022 and April 02 2022 (been unbroken since January 20 2022, so almost 1 year).

A 1D candle closing above it would basically be the strongest buy signal into the new Bull Cycle, targeting the 1W MA50 (red trend-line) on the short-term. On the long-term, after a pull-back to the 1D MA50, and when it closes above the 48.90 Resistance (which had 4 rejections within May - August), we can target 144.00.


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