1. Key Support & Resistance Levels
From the chart, we can identify the following key levels:
Resistance Levels:
139.19
149.65
159.38
171.37
179.92
Support Levels:
133.40 (Current Price)
118.54 (Next Key Support)
101.85
89.33
SOL is currently trading at $133.40, testing the support level of 139.19, which has now turned into resistance. If this level holds as resistance, further downside movement toward 118.54 is possible.
2. Reversal Pattern Forecast
The recent breakdown below 139.19 suggests continued bearish pressure.
A potential double bottom or bullish divergence near the 118.54 – 101.85 zone could indicate a reversal.
If SOL finds strong buying momentum around 118.54, a reversal towards 149.65 - 159.38 could occur.
However, if it breaks below 118.54, expect further downside to 101.85 and 89.33.
3. Trading Idea
Bullish Scenario: Wait for confirmation of support around 118.54. A strong bounce with volume could signal a long opportunity targeting 139.19 - 149.65.
Bearish Scenario: A breakdown below 118.54 would confirm a continuation of the downtrend, making short positions viable towards 101.85 - 89.33.
4. Risk Management
Stop-loss for long trades: Below 118.54
Stop-loss for short trades: Above 139.19
Risk/Reward Ratio: Maintain at least 1:2 for better risk management.
From the chart, we can identify the following key levels:
Resistance Levels:
139.19
149.65
159.38
171.37
179.92
Support Levels:
133.40 (Current Price)
118.54 (Next Key Support)
101.85
89.33
SOL is currently trading at $133.40, testing the support level of 139.19, which has now turned into resistance. If this level holds as resistance, further downside movement toward 118.54 is possible.
2. Reversal Pattern Forecast
The recent breakdown below 139.19 suggests continued bearish pressure.
A potential double bottom or bullish divergence near the 118.54 – 101.85 zone could indicate a reversal.
If SOL finds strong buying momentum around 118.54, a reversal towards 149.65 - 159.38 could occur.
However, if it breaks below 118.54, expect further downside to 101.85 and 89.33.
3. Trading Idea
Bullish Scenario: Wait for confirmation of support around 118.54. A strong bounce with volume could signal a long opportunity targeting 139.19 - 149.65.
Bearish Scenario: A breakdown below 118.54 would confirm a continuation of the downtrend, making short positions viable towards 101.85 - 89.33.
4. Risk Management
Stop-loss for long trades: Below 118.54
Stop-loss for short trades: Above 139.19
Risk/Reward Ratio: Maintain at least 1:2 for better risk management.
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.