The chart shows Solana ( $SOL / USDT) on the 4-hour timeframe with key levels and Fibonacci retracements. Here’s the analysis:
Current Price: $242.07
Key Levels:
Support Zone: Around $236.27 (Fibonacci 0.618 level) and $215.27 (Fibonacci 0.786 level).
Upside Targets:
$260.31: First target upon a successful bounce.
$280.30: Second resistance level.
$302.32: Major target within the ascending channel.
Outlook:
Solana is currently in an ascending channel. A hold above the $236.27 support level suggests potential upward momentum towards $260.31 and beyond. However, a breakdown below $215.27 could lead to further bearish pressure. Traders should monitor volume and price action near the support levels.
