š SOL/USDT - Recovery and Key Resistance Test š
SOL/USDT is trading at $146.620, showing signs of recovery after a dip, with a slight gain of 0.79%. The asset is testing crucial resistance zones, which will determine whether the uptrend can continue or if a pullback is likely.
š„ Key Observations:
Bearish OB: A significant resistance zone at $152.500 has capped previous bullish attempts. Watch for rejection or a breakout above this level.
Bullish OB Support: The asset found strong support at $141.367 - $142.084, from where it began its recent upward movement.
Downtrend Line: The price is testing the red descending trendline, which has acted as resistance in previous attempts.
šÆ Long Setup:
š Entry for Long: A breakout above $146.620 with volume confirmation could be a good opportunity to go long.
šÆ Take Profit Targets for Long:
1. TP1: $148.000 ā Immediate resistance.
2. TP2: $152.500 ā A major barrier to overcome.
3. TP3: $161.761 ā Retest of the previous high.
š”ļø Stop Loss for Long: Set a stop loss just below $141.367 to limit risk.
š Short Setup (If Rejection at Resistance):
š Entry for Short: If SOL faces rejection around $146.620 - $148.000, consider a short position.
šÆ Take Profit Targets for Short:
1. TP1: $142.084 ā First support level.
2. TP2: $138.599 ā A lower target near the previous dip.
3. TP3: $135.000 ā Aggressive target for deeper corrections.
š”ļø Stop Loss for Short: Place a stop loss above $148.000 to protect against potential breakouts.
š Market Sentiment: SOL is showing recovery signs, but the red trendline and resistance zones remain key obstacles. A breakout above $152.500 would confirm bullish momentum, while rejection could lead to a pullback toward previous support zones.
š” Pro Tip: Monitor volume and market-wide sentiment to confirm the breakout. A breakout accompanied by high volume would signal strong bullish continuation, while low volume may indicate a fakeout or rejection.
