Technical structure and patterns
On the daily chart, SOL has formed an inverse head and shoulders pattern, a classic reversal pattern. A breakout above the neckline with increasing volume could lead to a move to $247.71. However, weak demand could jeopardize this scenario, triggering a fall even to $138.05.
The asset has grown by 18% in a week, reaching $181, but there are liquidation clusters and strong resistance at $184–185. A breakout of this range could accelerate growth, with a possible surge to $256.
Support and resistance levels
Resistance:
The key zone is $180–184, a breakout of which would open the way to growth.
Support:
Important zones are $153–143, where cumulative activity was previously observed.
Network background and volume dynamics
The number of tokens on exchanges has decreased by almost 10%, which indicates a decrease in selling pressure. A "golden cross" is also forming between the 100- and 200-day EMAs - a bullish signal with target levels above $176.
Earlier, SOL rebounded from the support zone around $160 and is moving towards a breakout of $175. The further trajectory - growth or consolidation - will depend on how the price behaves at the border around $175.
On the daily chart, SOL has formed an inverse head and shoulders pattern, a classic reversal pattern. A breakout above the neckline with increasing volume could lead to a move to $247.71. However, weak demand could jeopardize this scenario, triggering a fall even to $138.05.
The asset has grown by 18% in a week, reaching $181, but there are liquidation clusters and strong resistance at $184–185. A breakout of this range could accelerate growth, with a possible surge to $256.
Support and resistance levels
Resistance:
The key zone is $180–184, a breakout of which would open the way to growth.
Support:
Important zones are $153–143, where cumulative activity was previously observed.
Network background and volume dynamics
The number of tokens on exchanges has decreased by almost 10%, which indicates a decrease in selling pressure. A "golden cross" is also forming between the 100- and 200-day EMAs - a bullish signal with target levels above $176.
Earlier, SOL rebounded from the support zone around $160 and is moving towards a breakout of $175. The further trajectory - growth or consolidation - will depend on how the price behaves at the border around $175.
Trade closed: target reached
TP 1
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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.
Related publications
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.