TradeCityPro | SOL: Key Retest at Support Before Next Breakout👋 Welcome to TradeCity Pro!
In this analysis, I’m going to review the SOL coin—one of the most requested assets and a very popular project in the crypto space.
✔️ This coin holds a market cap of $3.61 billion and is ranked 6th on CoinMarketCap.
⏳ 4-Hour Timeframe
As you can see, a bullish leg started from the 142.25 support and extended up to the 177.51 resistance.
🔍 Currently, after a fake breakout of 177.51 and a rejection from 183.86, the price has dropped back below 177.51 and formed a support level around 166.82.
📈 So far, the price has tested the 166.82 level twice and shown a strong bullish reaction. Recently, a powerful support candle has formed at this level, suggesting it’s being defended.
💥 If the price can move back toward the upper levels, a breakout of either 177.51 or 183.86 would provide a long entry trigger. If a higher low and higher high form before the breakout of 177.51, the trigger becomes even more reliable.
📊 Market volume has declined since the upward move ended. If volume increases as price rises again, it would provide a volume confirmation.
🔽 For a short position, the 166.82 level serves as a valid trigger. In my view, it’s a strong enough level to justify opening a short. The next major support below lies at 142.25.
❌ Disclaimer ❌
Trading futures is highly risky and dangerous. If you're not an expert, these triggers may not be suitable for you. You should first learn risk and capital management. You can also use the educational content from this channel.
Finally, these triggers reflect my personal opinions on price action, and the market may move completely against this analysis. So, do your own research before opening any position.
