$SOL Support and Resistance Levels
Support: The ascending trendline near $190 is a crucial support zone. If this level holds, it presents a solid buying opportunity.
Resistance: The upper trendline near $258–$260 acts as a major resistance zone. A breakout above this level could trigger significant upward momentum.
Breakout Potential
A confirmed breakout above $260, supported by high trading volume, could see SOL targeting $300–$320 in the short term. Long-term targets include a retest of the all-time high near $420.
Trading Strategies
1. For Long Positions:
Entry: Buy near the $190–$195 support zone with a stop-loss below the ascending trendline.
Breakout Entry: Enter on a confirmed breakout above $260 with volume confirmation.
Targets: Aim for $300 initially, followed by $350–$420.
2. For Short Positions:
If the price fails to hold above $190, short positions can target $160.
Use a stop-loss above recent swing highs to minimize risk.
Indicators to Watch
Volume: A breakout should be accompanied by increased trading activity to confirm the move.
RSI: Overbought levels post-breakout may signal profit-taking opportunities.
Moving Averages: Ensure short-term averages (20-day) remain above long-term averages (50/200-day) to maintain bullish confidence.
Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Always conduct your own research before making any trading decisions.
