$SOL /USDT.
1. Resistance Levels:
Upper Purple Zone: Approximately at 141.00
Lower Purple Zone: Approximately at 135.00
2. Support Levels:
- Lower Purple Zone: Approximately at 128.00
- Another Potential Support: Around 119.00 (not marked but inferred from the downtrend projection)
Explanation of the White Arrow Trend
The white arrows depict a potential downtrend pattern based on the price action:
- Initial Decline:The price initially drops from a higher point, suggesting a bearish trend.
- First Retracement: A small upward movement occurs, indicating a minor pullback or retracement in the downtrend.
- Continuation of Downtrend: The price resumes its decline after the retracement, forming lower highs and lower lows, which is characteristic of a downtrend.
- Second Retracement: Another retracement is observed, suggesting a temporary price increase within the overall downtrend.
- Projected Decline:The final arrow points downward, predicting a continuation of the downtrend, possibly breaking through the current support level around 128.00 and heading lower.
This analysis suggests that the market sentiment is bearish, with the potential for further declines if the price breaks through key support levels. Traders might look for opportunities to short the asset or consider it a bearish signal for holding long positions.
