SOLUSDT appears to be forming a rectangle, clearly visible on the 4H chart.Key Levels to Watch
• $160: Support
• $185: Resistance
Measured Targets
Activated, respectively, with a 4H close with good volume below support or above resistance.
• $135: Rectangle Short Target
• $210: Rectangle Long Target
Trade active
SOL cleanly broke below support and the 1-year EMA, activating the $135 short target.If support is quickly reclaimed this could turn into a liquidity grab deviation, but for the time being it seems more likely for it to continue downwards.
Note
SOL is attempting to reclaim the $160 support.A successful attempt would invalidate the $135 target and reclaim the range, but a rejection here would further confirm the bearish setup.
Watch it closely.
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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.