Solana (SOL) has reached a **key support zone between $116 – $126**, a level that has held strong for the past year. This area will determine the next major move, with two possible scenarios in play:
📈 Bullish Scenario:
- If SOL holds and forms a reversal pattern, we could see a strong move toward $200 as bullish momentum builds.
- Confirmation of a bounce with increasing volume and bullish candlestick patterns (such as a double bottom or bullish engulfing) would provide an entry signal.
📉 Bearish Scenario:
- A break below $116 would indicate weakness, potentially leading to a retest of $100 or even $80 if selling pressure accelerates.
- A daily close below this support zone would confirm the breakdown and shift momentum to the downside.
🔹 My Bias:
I remain optimistic and will be looking for a reversal pattern within this key zone to enter a long trade with a target of $200.
📈 Bullish Scenario:
- If SOL holds and forms a reversal pattern, we could see a strong move toward $200 as bullish momentum builds.
- Confirmation of a bounce with increasing volume and bullish candlestick patterns (such as a double bottom or bullish engulfing) would provide an entry signal.
📉 Bearish Scenario:
- A break below $116 would indicate weakness, potentially leading to a retest of $100 or even $80 if selling pressure accelerates.
- A daily close below this support zone would confirm the breakdown and shift momentum to the downside.
🔹 My Bias:
I remain optimistic and will be looking for a reversal pattern within this key zone to enter a long trade with a target of $200.
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.