SOL (20231021
Updated
In July this year, SOL experienced a round of increases, reaching a high point at 33.010. By using 33.010 and 12.680 as the high and low points for the Fibonacci retracement, it can be observed that SOL formed an inverse H&S at the 0.25 (17.763) level of the sequence, and it broke through the resistance at 25.244. Currently, attention can be focused on the price action around 28.00.
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Targets:
33.010
38.093
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If SOL can successfully reach these targets, there is an opportunity for SOL to continue its upward trend. This decreases the probability of the large bear flag pattern mentioned in the previous article (tradingview.com/chart/SOLUSDT.P/BIMqKKnk-Is-SOL-about-to-see-a-big-sell-off/).
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Targets:
33.010
38.093
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If SOL can successfully reach these targets, there is an opportunity for SOL to continue its upward trend. This decreases the probability of the large bear flag pattern mentioned in the previous article (tradingview.com/chart/SOLUSDT.P/BIMqKKnk-Is-SOL-about-to-see-a-big-sell-off/).
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Note
After breaking through 33.010, SOL reached the target levels of a large bottom formation: 53.340, 62.285, and 65.904. Analyzing the pattern, SOL currently has the opportunity to continue its upward trend.
In this upward movement, SOL faces a key resistance around 102, which is the price range for the Point of Control (POC) of the previous consolidation pattern.
Examining the four-hour chart, SOL is expected to approach 102:
In the chart, it can be observed that SOL exhibits a continuation pattern of an uptrend (cup and handle), with target levels at 95.780, 102.860, and 105.724.
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