Solana (SOL) is currently trading around the $136 area, having recently bounced off a local bottom. There are several key resistance levels identified, notably at $140-$142 and further above at around $150 and $160.
Bearish Scenario (Short Opportunity at $140-$142):
• The price is approaching a resistance area ($140-$142), which aligns with the lower boundary of previous support-turned-resistance and a descending trendline.
• Additionally, the presence of strong overhead resistance from the EMA ribbon suggests sellers could step in at this zone.
• A rejection in this area could be an excellent short setup, targeting lower levels at $131.82 initially, then potentially retesting support at $124.87.
Bullish Scenario (Breakout to $150-$160):
• If SOL manages to close decisively above $142, breaking above EMA ribbon resistance, bullish momentum could increase substantially.
• A confirmed breakout and consolidation above the $142 resistance would set up a bullish continuation towards $150.
• Further bullish follow-through, combined with volume support, could push the price toward the next resistance levels around $157.45 and possibly $160.
Indicators Analysis:
• RSI indicates a mild upward trend, suggesting the potential for bullish momentum; however, RSI has room to rise before being considered overbought, supporting either scenario depending on price action near key levels.
Conclusion:
• Monitor the $140-$142 resistance closely; rejection here provides a clear short opportunity.
• Conversely, a breakout above this level (with confirmation) significantly increases the likelihood of revisiting $150 and possibly $160 in the short term.
Bearish Scenario (Short Opportunity at $140-$142):
• The price is approaching a resistance area ($140-$142), which aligns with the lower boundary of previous support-turned-resistance and a descending trendline.
• Additionally, the presence of strong overhead resistance from the EMA ribbon suggests sellers could step in at this zone.
• A rejection in this area could be an excellent short setup, targeting lower levels at $131.82 initially, then potentially retesting support at $124.87.
Bullish Scenario (Breakout to $150-$160):
• If SOL manages to close decisively above $142, breaking above EMA ribbon resistance, bullish momentum could increase substantially.
• A confirmed breakout and consolidation above the $142 resistance would set up a bullish continuation towards $150.
• Further bullish follow-through, combined with volume support, could push the price toward the next resistance levels around $157.45 and possibly $160.
Indicators Analysis:
• RSI indicates a mild upward trend, suggesting the potential for bullish momentum; however, RSI has room to rise before being considered overbought, supporting either scenario depending on price action near key levels.
Conclusion:
• Monitor the $140-$142 resistance closely; rejection here provides a clear short opportunity.
• Conversely, a breakout above this level (with confirmation) significantly increases the likelihood of revisiting $150 and possibly $160 in the short term.
Misho
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.
Misho
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.