๐SOL Technical Analysis: Key Resistance Breakout Expected๐
๐Today, it's Thursday and the Solana (SOL) price on the 4-hour timeframe indicates a consolidating pattern.
Over the past few days, SOL has approached the critical resistance level at $195.03. After testing this level once and then experiencing a fakeout, it retraced twice. This suggests $195.03 as a significant level, potentially marking the beginning of the next upward movement upon breakout.
๐Moreover, SOL's trading volume has decreased compared to its parabolic phase, reflecting decreased market excitement. Patiently waiting for the breakout above $195.03 is crucial for significant volumes to enter the market.
๐Applying Fibonacci retracement tool reveals a correction to the 0.382 level, forming a range between 0.382 and 0 levels.
๐For long positions, consider entering after the breakout above $195.03, offering a favorable trigger point. If the breakout sustains without a fakeout, it could be one of the best entry points for the next upward movement.
๐As for short positions, exercising patience until SOL tests the range further, or alternatively, entering after the breakdown below $168.87, pending confirmation by the Dow Theory.
โก๏ธBy staying vigilant and strategic, traders can capitalize on potential opportunities in SOL's price movements.
Over the past few days, SOL has approached the critical resistance level at $195.03. After testing this level once and then experiencing a fakeout, it retraced twice. This suggests $195.03 as a significant level, potentially marking the beginning of the next upward movement upon breakout.
๐Moreover, SOL's trading volume has decreased compared to its parabolic phase, reflecting decreased market excitement. Patiently waiting for the breakout above $195.03 is crucial for significant volumes to enter the market.
๐Applying Fibonacci retracement tool reveals a correction to the 0.382 level, forming a range between 0.382 and 0 levels.
๐For long positions, consider entering after the breakout above $195.03, offering a favorable trigger point. If the breakout sustains without a fakeout, it could be one of the best entry points for the next upward movement.
๐As for short positions, exercising patience until SOL tests the range further, or alternatively, entering after the breakdown below $168.87, pending confirmation by the Dow Theory.
โก๏ธBy staying vigilant and strategic, traders can capitalize on potential opportunities in SOL's price movements.