The Solana (SOL) price failed to move above a long-term resistance level. However, it is trading inside a bullish pattern, from which a breakout is expected. 

However, while the price action is bullish, short-term indicator readings do not confirm if the price will break out or not.

Solana Fails to Move Above Long-Term Resistance

The price of SOL has declined below a descending resistance line that has been in place since it reached its highest price ever in November 2021. This long-term trend suggests a bearish outlook as long as SOL continues to trade below the line.

Furthermore, the resistance line currently intersects with the significant $26 resistance level, reinforcing its importance. In April, the price of SOL was rejected at the intersection of these levels, as indicated by the red circle. It created a large bearish candlestick next week.

The weekly Relative Strength Index (RSI), which is a momentum indicator used by traders to assess market conditions, is providing mixed signals.

The RSI value above 50 and an upward trend indicate that the bulls still have an advantage, while v

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Author: Valdrin Tahiri

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