Solana (SOL) is showing signs of a potential bullish reversal on the 15-minute timeframe after a sharp downtrend. Price has reclaimed key support levels and is preparing for a possible breakout.
📈 Projections & Trade Plan:
Entry: 161.24 (above immediate resistance)
Stop Loss (SL): 157.23 (below recent swing low)
Take Profit (TP):
TP1: 165.23 (near previous resistance cluster)
TP2: 168.64 (targeting the upper resistance zone)
Technical Insights:
The price has broken the descending structure and is showing bullish momentum with a clean impulse leg upwards.
A minor pullback to the entry zone would provide an optimal long opportunity before continuation towards TP levels.
Momentum Indicators:
RSI is trending upwards at 55.56, indicating strengthening buying pressure. Multiple bullish divergences can be observed, which align with the reversal thesis.
⚡ Bias: Bullish
If price holds above 161.24 and confirms breakout strength, we can expect a move toward 165.23 and potentially extend to 168.64. However, failure to hold above 161.00 may invalidate the setup.
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