Hello traders, in today’s analysis we are going to discuss Solana on the monthly timeframe.
Solana is approaching a key area of support where multiple technical factors align. This level could provide a strong base for a potential swing trade setup, targeting a move back toward the previous highs. If buyers step in and defend this zone, it may confirm a broader range formation on the high timeframe.
Key Points:
• Price is approaching a key support zone with strong technical confluence.
• Confluence includes the value area low, high timeframe support, 0.618 Fibonacci, and key swing lows.
• A hold at this level on a monthly closing basis could trigger a swing trade back towards the all-time high.
Solana’s price action is currently testing a critical support area that could define the next major move. If this level holds, it increases the probability of a rotation back toward previous highs, forming a potential high timeframe range.
Since this is a monthly analysis, patience is required, as each candle represents a full month. While price can take time to develop, as long as support holds, the structure favors a move higher in the long run.
Solana is approaching a key area of support where multiple technical factors align. This level could provide a strong base for a potential swing trade setup, targeting a move back toward the previous highs. If buyers step in and defend this zone, it may confirm a broader range formation on the high timeframe.
Key Points:
• Price is approaching a key support zone with strong technical confluence.
• Confluence includes the value area low, high timeframe support, 0.618 Fibonacci, and key swing lows.
• A hold at this level on a monthly closing basis could trigger a swing trade back towards the all-time high.
Solana’s price action is currently testing a critical support area that could define the next major move. If this level holds, it increases the probability of a rotation back toward previous highs, forming a potential high timeframe range.
Since this is a monthly analysis, patience is required, as each candle represents a full month. While price can take time to develop, as long as support holds, the structure favors a move higher in the long run.
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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.
Free Alpha Group t.me/freetradingden
Unlock up-to $8,000 USDT in bonuses, only at Blofin - Link Below to start Trading.
partner.blofin.com/d/alchemisttrader
Unlock up-to $8,000 USDT in bonuses, only at Blofin - Link Below to start Trading.
partner.blofin.com/d/alchemisttrader
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.