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#August Market Prediction#
The two-digit rally of SOL last week led to its price moving in an ascending parallel channel on the daily chart. This pattern is formed when the price creates a series of rising highs and lows, moving between two ascending parallel lines. The lower boundary serves as support, while the upper one acts as resistance.
The Relative Strength Index (RSI) for SOL confirms the buying pressure supporting the rally. At the time of writing, this indicator is at 57.63. The current RSI data for SOL indicates that the market is inclined towards accumulation. If this continues, the price may rise further.
The Elder-Ray Index for SOL has also been in the positive zone for the past two days, which is a significant change after nine days of decline. This indicates a positive shift in market dynamics, and at the time of publication, the index stands at 11.71.
As of the time of writing, SOL is priced at $181.82, slightly below the resistance level of $186.52, the upper boundary of the ascending parallel channel.
If buyers become active, the token may break through this barrier and rise above the psychological mark of $190.
However, if sellers intensify pressure, SOL may lose its recent positions and drop to $176.64.