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SOLUSDT trade ideas

Solana's outperforming, but why is its price crashing?With a 19.14% drop last week, the price for the downtrend continues for Solana this week, with a 5.47% fall last night and breaking below the $130 mark. Further, the recent double-top reversal breaks the neckline at $138 near the 200-day EMA, and the SOL price tests the bottom support zone at $121. The demand zone at $121 has provided multiple bounce-backs for Solana since the start of 2024. However, the recent double-top reversal warns of a breakdown rally. Currently, the SOL price is trading at $127 with a Doji intraday candle following the bearish engulfing candle last night. With the long-tail formation, the underlying demand can result in a new bull cycle. In case of a bearish breakdown, the neck support level is at the $110 low and the $100 psychological mark. However, a broader market impact can result in a new low formation at the $85-$80 demand zone. On the flip side, based on the Fibonacci levels, a double-bottom reversal from $120 can find resistance at the 23.60% level at $140. A move above $140 can hint at an extended recovery for Solana.
by paul_endeo
SOL Price Update & Analysis in a Daily Timeframe.Hello everyone, I’m Cryptorphic. I’ve been sharing insightful charts and analysis for the past seven years. Follow me for: ~ Unbiased analyses on trending altcoins. ~ Identifying altcoins with 10x-50x potential. ~ Futures trade setups. ~ Daily updates on Bitcoin and Ethereum. ~ High time frame (HTF) market bottom and top calls. ~ Short-term market movements. ~ Charts supported by critical fundamentals. Now, let’s dive into this chart analysis: From our previous analysis, SOL failed to hold the 21 EMA support and the primary support at $150-$155. The price dropped by 15.5% and is currently holding at the support trendline of $130. SOL has strong support ranging between $120-$130, and it must hold this level to sustain and rebound back to the upper resistance trendline. A failure to hold this support will be concerning and a red alert for traders. Key levels: - Crucial Support/Accumulation: $120-$130. - Primary Resistance: 35 EMA at $146. - Target: $176-$180. - RSI: Bullish Divergence Formation. DYOR, NFA. Please hit the like button to support my content and share your thoughts in the comment section. Feel free to request any chart analysis you’d like to see! Thank you! #PEACE
by Cryptorphic
1
Solusdt trading opportunityWe observed that a bullish formation for Solana has just been broken, which we believe will fuel the next major rally for the coin. This breakout signals a potential shift in market sentiment towards a bullish trend. The designated buy-back zone presents a strategic buying opportunity, as it is identified based on recent price action and support levels, offering a lower-risk entry point. This setup suggests that we could benefit from the anticipated upward movement while minimizing downside exposure.
by weslad
3
SOL - 100$ or 80$, what is next?SOL has been defending this huge support around ~120$ for several months now but I'm afraid we are going to see a drop below this area very soon. The price action of the last few weeks clearly have the characteristics of a SHS pattern, with the head located around 184-190$. So this would give us a target of ~80$ but really not sure if it's going to drop that low. However, pretty sure we are going to see at least 100$ getting tested, there is just too much liquidity resting below 120$ (triggered stops and liquidations that is), so it could drop to 100$ and see a quick recovery above 120$. From there I won't dare to predict what could happen next. So, if we see SOL approaching the green zone again and not see a big bounce but rather see momentum slowing down, it's just a matter of time until it's going to drop IMO. Timing this can be difficult, especially if you want to short this (which I would NOT recommend). Better play would be to wait for a long entry around 100$ on low leverage and build your position throughout a possible bottom formation and add on a clean break and retest of 120$. Stay safe!
by TV288
Lingrid | SOLUSDT breakout-PULLBACK-Continuation tradeThe price perfectly fulfilled my previous idea. It hit the target level. BINANCE:SOLUSDT has been ranging between the 140 and 160 levels, but it has recently broken and closed below this range. This indicates a shift in market dynamics. I believe the market is now heading to retest the area where we observed a bullish impulse leg previously. The break below the upward trendline suggests that the price has entered a consolidating phase, which was signaled by the price being above the trendline and showing bullish momentum. Given this context, I expect the market to push a little further down towards a key round number, which could act as a psychological level of support. My target is support level at 120 Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻
Short
by Lingrid
3
$SOL wants to flyBut today I would like to focus on the Technical Analysis CRYPTOCAP:SOL perspective: - The Weekly Stoch RSI it's as oversold as it was in early January, just before the Solana bull run. - The Daily Stoch RSI it's also quite oversold pointing for a breakout - We are reaching the final squeeze momentum against the local downtrend - The $125 support has worked like magic 6 times already - In every single test we have had a flush followed by a pump of around +32% - The risk/reward looks top notch to me here
Long
by CryptoRand
2
SOL Bottom BINANCE:SOLUSDT Based purely off technicals SOL looks to be bottomed or very close to one. 130 support 126 previous year (2023) high Solana bottomed after 8 straight down days on Aug 5th and has experienced the same just now Anytime Sol has suffered 5+ straight down days it has typically marked a local bottom or THE bottom 12H, 50 period MA speed showing a bottom Vertical blue lines marking extreme down days exhaustion. This MA speed (50 period on 12H) is a interesting RSI alternative and we are at the bottom bidding zone. - - - Right now Sol is heavily shorted yet price has simply come back to previous major support zone. There lies liquidity (Longs SL's) below the 110 wick from Aug 5th but hard to know if it wants to get left alone or retested. Lots of Liquidity is at 141, 146, and 164. Solana Breakpoint coming up on Sep 20th and will pique interest. Perhaps its a sell the news if we see any sort of rally in SOL. Key economic data coming early this month along with the start of rate cuts are key to watch. I will be looking for some bids soon but could take a while for any sort of major movement. All I see is a decent RR area right here.
Long
by bhx10