- SOLO’s breakdown of a five-year downtrend signifies a change, with resistance around $0.87451 under the limelight.
- A confirmed breakdown would send SOLO to $1.66337, aided by rising volume and favorable bullish momentum.
- Sentiment and market conditions will determine whether SOLO maintains its upward trend or experiences a near-term correction.
Sologenic (SOLO) has been witnessing robust price action, rallying strongly from the recent lows. The asset is now reaching crucial resistance levels that will determine the next move.
Price Movement and Market Structure
SOLO experienced a downtrend for a very long time from 2018 up to mid-2023, forming a downtrendline that limited price movements. The market was consolidating for nearly five years before breaking out in mid-2023, leading to a rally that pushed the price to $0.92. This was initial resistance, leading to a retracement before another uptrend.
Source: CoinMarketCap
After the breakout, the price began to accumulate bullish power, validating a reversal trend. The asset broke through previous resistance levels and established a higher trading range. This transition from a bearish cycle to a potential bullish phase suggests a continued structural change in SOLO’s market dynamics.
Resistance Levels and Market Outlook
The price currently trades near $0.87451, a critical resistance level. If the asset sustains its momentum, a move toward $1.66337 could materialize. The recent price action suggests an attempt to break above this level, potentially leading to further gains. Increased trading volume and liquidity support the case for sustained bullish momentum.
According to an analysis by Javon Marks, a detailed breakdown identifies a potential 165% upside move toward the $0.87451 resistance zone. He emphasizes that the price has already tested this resistance, indicating strong bullish activity.
Source: Javon Marks
Javon further notes that a confirmed breakout could push the price toward the next major resistance at $1.66337. The chart structure, according to him, supports this bullish thesis, showing an established uptrend with higher lows forming along the way.
He also highlights that if SOLO fails to hold its current levels, a pullback to previous support zones remains possible. However, he explains that the breakout pattern suggests continued upside potential.
Marks asserts that market conditions, including volume and sentiment, will play a crucial role in determining the asset’s next move. The coming sessions, according to his analysis, will reveal whether SOLO can maintain its bullish trajectory or face a short-term retracement before another rally.
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