SOLANALong
Solana (SOL) Critical Support! Will It Bounce or Break Down?
📉 Technical Analysis (Weekly Timeframe)
Market Structure & Trendlines
* SOL has been consolidating within a rising trendline support while facing resistance at $210 - $220.
* The ascending trendline support from 2023 remains intact, providing a potential bounce level near $190 - $195.
* A break below $190 could trigger further downside, while a successful hold and bounce could retest previous highs.
Indicators Analysis
* MACD: Shows a bearish crossover, indicating downward momentum. The histogram is negative, suggesting a potential continuation of the pullback.
* Stochastic RSI: Currently oversold, sitting near 10.62, which means a bounce could be imminent if buying pressure emerges.
Key Support & Resistance Levels
* Immediate Support: $190 - $195 (Trendline support)
* Major Support: $165 - $170 (Next demand zone if trendline breaks)
* Resistance 1: $210 - $220 (Current rejection zone)
* Resistance 2: $250+ (Breakout target if the trend remains intact)
💡 Trade Scenarios
Bullish Outlook (If $190 Holds)
* Entry: Around $190 - $195
* Target 1: $210 - $220 (First breakout level)
* Target 2: $250+ (Full recovery potential)
* Stop Loss: Below $185 (Trendline failure)
Bearish Outlook (If $190 Breaks)
* Entry: Below $190
* Target 1: $170
* Target 2: $150
* Stop Loss: Above $200 (Reversal invalidation)
⚠️ My Final Thoughts
* SOL is at a make-or-break level near $190 - $195.
* Holding above $190 could trigger a bounce to $210+, while a break below may lead to $165 - $170 next.
* Oversold conditions suggest a possible rebound, but MACD remains bearish, so confirmation is needed.
⚠️ Disclaimer:
This analysis is for educational purposes only and does not constitute financial advice. Always conduct your own research and manage risk properly.
Market Structure & Trendlines
* SOL has been consolidating within a rising trendline support while facing resistance at $210 - $220.
* The ascending trendline support from 2023 remains intact, providing a potential bounce level near $190 - $195.
* A break below $190 could trigger further downside, while a successful hold and bounce could retest previous highs.
Indicators Analysis
* MACD: Shows a bearish crossover, indicating downward momentum. The histogram is negative, suggesting a potential continuation of the pullback.
* Stochastic RSI: Currently oversold, sitting near 10.62, which means a bounce could be imminent if buying pressure emerges.
Key Support & Resistance Levels
* Immediate Support: $190 - $195 (Trendline support)
* Major Support: $165 - $170 (Next demand zone if trendline breaks)
* Resistance 1: $210 - $220 (Current rejection zone)
* Resistance 2: $250+ (Breakout target if the trend remains intact)
💡 Trade Scenarios
Bullish Outlook (If $190 Holds)
* Entry: Around $190 - $195
* Target 1: $210 - $220 (First breakout level)
* Target 2: $250+ (Full recovery potential)
* Stop Loss: Below $185 (Trendline failure)
Bearish Outlook (If $190 Breaks)
* Entry: Below $190
* Target 1: $170
* Target 2: $150
* Stop Loss: Above $200 (Reversal invalidation)
⚠️ My Final Thoughts
* SOL is at a make-or-break level near $190 - $195.
* Holding above $190 could trigger a bounce to $210+, while a break below may lead to $165 - $170 next.
* Oversold conditions suggest a possible rebound, but MACD remains bearish, so confirmation is needed.
⚠️ Disclaimer:
This analysis is for educational purposes only and does not constitute financial advice. Always conduct your own research and manage risk properly.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.