$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
#ScrollOnBinance #CMEBTCFuturesRecordHigh #SECChairHailsBTCWhitepaper16th #BinanceLabsInvestsLombard