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),…
