The host of fashionable crypto YouTube channel InvestAnswers says a historic indicator is suggesting that one Ethereum (ETH) challenger is able to flip heads.
In a brand new video, the pseudonymous analyst says that he’s bullish on Solana however that SOL faces appreciable resistance on the $150 mark.
“We’re about to the touch the 200-day transferring common. We do anticipate, after such an enormous run, a little bit little bit of what I name a breather, which is regular. And the 200-day transferring common additionally coincidentally is on the Fibonacci 0.5 degree, which is about $150. Getting above $150 could take a little bit little bit of effort however the energy has been mind-blowing over the past 18 days.”
The analyst shares a chart from Delphi Digital depicting a divergence between the value of SOL and its rising relative energy index (RSI), which is mostly thought-about bullish by technical analysts because the sign suggests rising buy-side momentum.
He says that if historical past is any indication, SOL could possibly be in for some critical value appreciation.
“Right here, you’ll be able to see they put collectively a chart that focuses on two issues… The RSI divergence on Solana is at a really fascinating reverse remark they painted right here. You’ll be able to see the purple packing containers on the backside of the RSI. When the RSI goes above 70, it’s a really bullish time, as a result of traditionally, Solana has gone bonkers when that occurs.
The opposite factor, they seek advice from an ‘SR,’ and that’s principally the SR flip [which] is when the earlier resistance flips into assist and assist flipping into resistance.
So the large takeaway right here is that you will notice every time within the purple packing containers on the left… Every time the RSI jumps above 70 it’s sometimes within the overbought space after a robust value uptrend. However, if you look again in time, when this occurred again in August 2021, when RSI broke above 70, Solana rallied 400%, and equally, when in Could and June 2021, it had a 268% upside. Not saying that’ll occur now, however these fractals seem just like how Solana has been performing currently.”
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