SOL/ETH (Binance) is forming a clear ascending wedge on the weekly chart, a bearish pattern signaling a potential reversal after an uptrend. The price recently hit 0.087 near the wedge's apex, but momentum is fading as trading volume decline, a classic sign of an impending breakdown. RSI is sitting above 70, indicating overbought conditions and supporting the likelihood of a correction.
Key support lies at 0.075-0.080, but if that breaks, we could see a sharp drop targeting 0.03-0.04, aligning with historical lows and the wedge’s measured move. Keep an eye on RSI for confirmation of weakening momentum and watch for a clean break below support to enter a short position.
Key support lies at 0.075-0.080, but if that breaks, we could see a sharp drop targeting 0.03-0.04, aligning with historical lows and the wedge’s measured move. Keep an eye on RSI for confirmation of weakening momentum and watch for a clean break below support to enter a short position.
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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.