SOL - Back UpSo we had some weeks of consolidation and different movements within and around some important levels for COINBASE:SOLUSD . Let's consider the whole run up a adjustment towards a mean after a event driven downtrend since FTX. With Solana Ecosystem proving itself as a contender among Smart Contract Platforms, more and more investors and traders wake up to the fact that Solana is indeed here to stay for this cycle. They all need to make a decision to either get allocated or fade and find other outperformers.
Here is the rundown:
Main Level to observe in this chart is the Yearly Open for 2024, (≈101.70). Obviously price was trading around this level since peaking in Dec 2023.
Other levels on the way up are 107 and 112, marked in light colour.
All above 125 to140 can be seen as critical area, as Price was rejected from it and it has a historical resistance in 2021/22 before the downtrend.
Marked in blue circle is the clean retest of the current 50% level for 2024.
If 4H trend and Daily trend remain healthy we can see more upside till the critical area.
