SOL on the Slide: Is a Bounce from $150 in the Cards?
Solana has been in a downtrend for over 30 days after reaching its ATH at $295.83. For the past two weeks, SOL was stuck in a trading range that formed a descending triangle (a bearish pattern) which eventually broke down, confirming the downtrend. Additionally, SOL lost its yearly support level at $189.31. Where is SOL heading next? Let's find out!
Key Support Zone
Our main long opportunity is around the $150 level, where several confluences align:
Fibonacci Levels:
Volume Profile:
Trade Setup
Currently waiting for SOL to reach the support zone between $152 and $144. An alarm is set when price nears these levels for a long opportunity.
Key Support Zone
Our main long opportunity is around the $150 level, where several confluences align:
Fibonacci Levels:
- The 0.5 fib retracement of the entire 5-wave structure sits at $151.92.
- The 0.786 fib retracement from the 5th wave is at $149.77.
- A fib extension 1.618 of the descending triangle is at $148.65, which is very close to the $150 mark.
Volume Profile:
- The Point of Control (POC), highlighted by the red horizontal ray, is around $144, adding another layer of support.
Trade Setup
Currently waiting for SOL to reach the support zone between $152 and $144. An alarm is set when price nears these levels for a long opportunity.
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.