The image shows a candlestick chart for Solana (SOL/USDT) on the Binance platform with a 4-hour interval. It can be noted:
1. Falling Wedge Pattern:
• Two converging downward trend lines have been drawn, indicating the formation of a falling wedge pattern, which is typically a bullish reversal pattern.
• The pattern has broken upwards, which may indicate the beginning of an upward trend.
2. Key Price Levels:
• Nearby resistance: around $130 – $135, which is the price testing area after the breakout.
• Nearby support: around $120 – $125, where the price has bounced from this level multiple times.
• Strong support: at $110 – $115 in case the price fails to hold above the current level.
3. Volume:
• It is observed that there is an increase in volume upon the breakout, but the volume is still relatively weak, indicating that the upward momentum may need additional confirmation.
Advice and Expectations:
✅ Bullish Scenario:
• If the price stabilizes above $130 with an increase in volume, it may target levels of $140 – $150 in the near term.
• Entering after a retest of the breakout area at $125 – $128 may be a good option.
📌 Risk Management:
• Set a stop-loss below $120 to protect capital.
• Gradually taking profits at levels of $135 – $140 depending on price behavior
If you are a long-term investor, the current levels may be a good buying opportunity, but with caution and monitoring general market news.
The currency reached a price of $296. Two and a half months ago, it spent most of 2024 at a price exceeding $220, which is nearly double its current price.
Entering with an immediate buy will be an investment option and an opportunity not to be missed at this price with minimal risks.