Solana (SOL) is showing signs of a potential bullish reversal on the 15-minute timeframe after a sharp downtrend. Price has reclaimed key support levels and is preparing for a possible breakout.
📈 Projections & Trade Plan:
Entry: 161.24 (above immediate resistance)
Stop Loss (SL): 157.23 (below recent swing low)
Take Profit (TP):
TP1: 165.23 (near previous resistance cluster)
TP2: 168.64 (targeting the upper resistance zone)
Technical Insights:
The price has broken the descending structure and is showing bullish momentum with a clean impulse leg upwards.
A minor pullback to the entry zone would provide an optimal long opportunity before continuation towards TP levels.
Momentum Indicators:
RSI is trending upwards at 55.56, indicating strengthening buying pressure. Multiple bullish divergences can be observed, which align with the reversal thesis.
⚡ Bias: Bullish
If price holds above 161.24 and confirms breakout strength, we can expect a move toward 165.23 and potentially extend to 168.64. However, failure to hold above 161.00 may invalidate the setup.
📈 Projections & Trade Plan:
Entry: 161.24 (above immediate resistance)
Stop Loss (SL): 157.23 (below recent swing low)
Take Profit (TP):
TP1: 165.23 (near previous resistance cluster)
TP2: 168.64 (targeting the upper resistance zone)
Technical Insights:
The price has broken the descending structure and is showing bullish momentum with a clean impulse leg upwards.
A minor pullback to the entry zone would provide an optimal long opportunity before continuation towards TP levels.
Momentum Indicators:
RSI is trending upwards at 55.56, indicating strengthening buying pressure. Multiple bullish divergences can be observed, which align with the reversal thesis.
⚡ Bias: Bullish
If price holds above 161.24 and confirms breakout strength, we can expect a move toward 165.23 and potentially extend to 168.64. However, failure to hold above 161.00 may invalidate the setup.
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.