SOLUSDT Long Idea - Break and Re-Test of Channel and Fib Entry
Sol has been trending downward on the 4H timeframe, within a descending channel.
I've drawn a Fib channel in (anchor points are purple circles) to highlight the channel boundaries and the reactions to each of the fib levels within the channel.
At the start of 2025, there was a break upwards, with price action breaching the channel and consolidating, before pushing higher towards the initial fib extension take profit targets that I use when taking Fib Retracement trades. Anchor points for the Fib Retracement tool are in blue circles.
Price action action then fell, due to BTC pull back, and is now resting in a zone aligning with both the 61.8 fib of the original push, and a retest of the top of the channel.
The long idea is to enter in this region, and target the supply zone marked in red.
I've drawn a Fib channel in (anchor points are purple circles) to highlight the channel boundaries and the reactions to each of the fib levels within the channel.
At the start of 2025, there was a break upwards, with price action breaching the channel and consolidating, before pushing higher towards the initial fib extension take profit targets that I use when taking Fib Retracement trades. Anchor points for the Fib Retracement tool are in blue circles.
Price action action then fell, due to BTC pull back, and is now resting in a zone aligning with both the 61.8 fib of the original push, and a retest of the top of the channel.
The long idea is to enter in this region, and target the supply zone marked in red.
Trade active
BTC seems to have finished having its moment (for the short term, anyway), and alts are starting to recover.I'm back watching this channel on SOL to see if we can reach our previously highlighted targets.
Trade closed: target reached
Solana has pumped hard, and reached our fib extension take profit targets. The speed to reach the target was definitely influenced by Donald Trump launching his own meme coin on the Solana chain, however the writing was already on the price action wall as to the bullish direction of this pairing.
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.