🚀 SOLANA (SOL/USD) Trade Setup Analysis - 4H Chart (Binance) 📊
📌Key Observations:
1: Descending Trendline Resistance 📉:
SOL has been moving inside a downtrend with lower highs, respecting a descending trendline.
A breakout above this trendline could trigger bullish momentum.
2: Support Zone 🟩:
The yellow highlighted area around $220-$227 is acting as a strong demand zone.
Previous price action has respected this level multiple times.
If this zone holds, a bounce back towards higher targets is likely.
3: Volume Confirmation 🔍:
Volume is relatively low compared to the previous high-volume surge (highlighted in blue).
A spike in volume near the breakout would add further confirmation to a bullish move.
🎯 Trade Setup & Targets:
✅ Entry: Around the $227-$230 support zone.
✅ Stop-Loss (SL): Below $214.80 (-5.61%) to protect against a breakdown.
🔼 Take-Profit (TP) Levels:
TP 1: $242.13 🥇 (Initial Target)
TP 2: $259.03 🥈 (Major resistance level)
TP 3: $285.41 🎯 (80% exit, trailing SL for remaining position)
⚠️ Risk & Considerations:
If price fails to break the trendline resistance, it could retest the support zone before another attempt.
A break below $220 with strong volume might invalidate this setup, leading to lower levels.
🚀 Bullish Scenario:
Breakout above the descending trendline + strong volume could trigger a rally towards $285+
🐻 Bearish Scenario:
If support breaks & SOL closes below $214, further downside could follow.
Conclusion: Great R/R Setup! 📈🔥
🔹 Well-defined support & clear TP levels make this a good long trade opportunity with controlled risk.
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