$SOL /ETH on a weekly timeframe from Binance. Here's an analysis based on key chart elements:
Fibonacci Levels: Several Fibonacci Retracement and extension levels are plotted, showing key support and resistance levels.
0.618 and 1.618 Fibonacci Levels: These are often crucial in market movements, acting as significant zones for potential price action shifts.
The current price appears to be approaching higher Fibonacci extension levels (around 0.08980, 0.14115, and 0.19175 ETH), indicating a bullish outlook.
ATH Resistance (All-Time High Resistance): The chart shows a strong resistance zone that was previously tested but broken recently, suggesting a continuation of bullish momentum after overcoming this hurdle.
Bullish Pennant: A bullish pennant pattern is evident, which is a continuation pattern signaling that the market may resume its upward trend after a brief consolidation period. This pattern appears to have played out with the breakout to the upside.
Moving Average: The green moving average line shows an overall bullish trend, with the price trading above the moving average, further confirming bullish momentum.
Price Targets: Potential upside targets based on Fibonacci extensions are marked around 0.08980, 0.14115, and 0.19175 ETH, which suggests further gains as SOL continues its upward trajectory.
Overall, this chart reflects a strong bullish trend for $SOL /ETH with momentum favoring
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