SOL/USD Holds Uptrend as Bulls Target 93.75 and 100.00

The pair continues to form a new upward trend that began early last month. However, quotations have now reversed from 81.25 (Murray level [5/8]) and are trying to develop a downward correction. The key level for the bears appears to be 75.00 (Murray level [4/8]), supported by the middle line of the Bollinger Bands. A downside breakout below this level would create the prospect of a reversal of the current upward trend and a decline toward 68.75 (Murray level [3/8]), 62.50 (Murray level [2/8]) and 56.25 (Murray level [1/8]). The most important level for the bulls remains 81.25 (Murray level [5/8]). Consolidation above it could trigger a resumption of price growth toward the targets of 93.75 (Murray level [7/8]) and 100.00 (Murray level [8/8]). Technical indicators allow for continued growth of the pair. The Bollinger Bands are pointing upward. The MACD histogram is decreasing but remains in positive territory. The Stochastic oscillator is pointing downward but is close to the oversold zone, which does not exclude a near-term upward reversal. It is also worth noting that on the weekly chart, an attempt is being made to shift the long-term downward trend into an upward one. The Bollinger Bands have turned horizontal after the decline. The Stochastic oscillator has turned upward. This makes the resumption of the pair’s growth more relevant.