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Now here is the analysis for Sol
1-Hour (1H) Timeframe:
Current Price: 134.01 USDT
Resistance Levels:
136.18 USDT: Minor resistance level, representing a potential bounce back.
149.26 USDT: Stronger resistance level indicating a potential upward target.
163.31 USDT: Major resistance that coincides with the previous high. A breakout here could signal a significant bullish move.
Support Levels:
123.84 USDT: Immediate support, marking the last substantial drop. If SOL falls below this, it could head towards lower levels.
Indicators to Watch:
If SOL breaks above the 136.18 USDT level with good volume on the 1H chart, it could indicate a short-term bullish trend.
Failing to break above this level might lead to retests of the lower support at 123.84 USDT.
4-Hour (4H) Timeframe:
Resistance Levels:
136.18 USDT: Resistance is crucial on this timeframe as well, marking the immediate supply zone.
149.26 USDT: Another resistance level from previous trading highs, indicating potential upside momentum.
163.31 USDT: This level represents a key zone for long-term bullish continuation.
Support Levels:
123.84 USDT: The key support zone to watch for potential bounces or breakouts to the downside.
Trend Analysis:
On the 4H chart, SOL has shown a pattern of declining highs and lows, indicating a bearish trend in the medium term.
Breaking below the 123.84 USDT level could push the price towards a deeper correction. On the other hand, a break above 136.18 USDT could invalidate the bearish structure.
1-Day (1D) Timeframe:
Resistance Levels:
136.18 USDT: This level aligns with the nearest overhead resistance and may serve as a pivotal point for a breakout or reversal.
149.26 USDT: Mid-term resistance where bullish traders could take profit.
163.31 USDT: Longer-term resistance. A breakout above this could indicate a significant shift in market sentiment toward bullishness.
Support Levels:
123.84 USDT: Major support zone on the daily chart. If this breaks, expect more downward pressure and possibly deeper corrections.
Trend Analysis:
On the daily timeframe, SOL is showing a retracement from its recent highs, and the current support level of 123.84 USDT is crucial.
A daily close below this level could indicate a larger downtrend forming. Conversely, a recovery above 136.18 USDT would signal a potential reversal or consolidation phase.
Summary:
Bullish Scenario: SOL needs to break above the 136.18 USDT level with good volume to signal a potential continuation towards the next resistance levels (149.26 and 163.31 USDT).
Bearish Scenario: A drop below the key support level of 123.84 USDT could open up further downside potential, possibly towards lower levels.
