Gk_Aronno
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SOLANA (SOL) Clearly defined downtrend capped by 137.13.✍️✍️
$SOL
Price Action and Trend: The current sentiment for Solana (SOL) appears bearish, as indicated by the prevailing downtrend. The key resistance level stands at 137.13, which corresponds to the current intraday swing high and a descending resistance trendline. A notable feature of the current price structure is the potential for an oversold rally from the existing levels, followed by a bearish rejection from the 137.13 level.
Bearish Scenario: If the 137.13 resistance level holds and the bearish sentiment persists, SOL could move lower, targeting the following downside support levels:
103.16 - The first major support, where buyers might attempt to regain control.
95.88 - A secondary support zone that could attract significant buying interest.
75.00 - A long-term support level, indicating a deeper correction if bearish momentum continues.
Bullish Scenario: Conversely, a confirmed breakout above 137.13 resistance with a daily close above that level would invalidate the bearish outlook. In such a case, Solana could target higher resistance levels as follows:
151.65 - Immediate resistance after the breakout, indicating bullish continuation.
173.30 - A further extension of the rally, suggesting increased buying pressure and a trend reversal.
Conclusion: The sentiment for Solana remains bearish as long as the price remains below the 137.13 resistance level. A bearish rejection from this level could trigger a move toward 103.16, 95.88, and ultimately 75.00 over the longer timeframe. However, a confirmed breakout above 137.13 and a daily close beyond it would negate the bearish bias, potentially initiating a bullish phase with targets at 151.65 and 173.30.
Traders should closely monitor the 137.13 level and watch for a potential breakout or rejection to determine the next directional move.
Price Action and Trend: The current sentiment for Solana (SOL) appears bearish, as indicated by the prevailing downtrend. The key resistance level stands at 137.13, which corresponds to the current intraday swing high and a descending resistance trendline. A notable feature of the current price structure is the potential for an oversold rally from the existing levels, followed by a bearish rejection from the 137.13 level.
Bearish Scenario: If the 137.13 resistance level holds and the bearish sentiment persists, SOL could move lower, targeting the following downside support levels:
103.16 - The first major support, where buyers might attempt to regain control.
95.88 - A secondary support zone that could attract significant buying interest.
75.00 - A long-term support level, indicating a deeper correction if bearish momentum continues.
Bullish Scenario: Conversely, a confirmed breakout above 137.13 resistance with a daily close above that level would invalidate the bearish outlook. In such a case, Solana could target higher resistance levels as follows:
151.65 - Immediate resistance after the breakout, indicating bullish continuation.
173.30 - A further extension of the rally, suggesting increased buying pressure and a trend reversal.
Conclusion: The sentiment for Solana remains bearish as long as the price remains below the 137.13 resistance level. A bearish rejection from this level could trigger a move toward 103.16, 95.88, and ultimately 75.00 over the longer timeframe. However, a confirmed breakout above 137.13 and a daily close beyond it would negate the bearish bias, potentially initiating a bullish phase with targets at 151.65 and 173.30.
Traders should closely monitor the 137.13 level and watch for a potential breakout or rejection to determine the next directional move.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
BTC
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SOL
150.9
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