$SOL

This chart represents the SOL/USDT Perpetual Contract on Binance with a 1-hour timeframe.

Analysis:

Trend:

The price rallied upward and reached a high of 147.41 USDT.

After that, a downtrend started, leading to a low of 95.19 USDT.

Recently, the price has shown some recovery but still faces resistance.

Current Position:

The price is 109.82 USDT.

Recent support was around 95 - 100 USDT.

Resistance seems to be around 115 - 120 USDT.

Volume Analysis:

There was strong selling volume in early April, which caused a sharp drop.

Buyers have attempted to push the price back up but with lower volume, indicating weaker buying pressure.

Possible Scenarios:

Bullish Case:

If the price breaks above 115 - 120 USDT, it may continue towards 125 - 130 USDT.

A strong move above 130 USDT could signal a trend reversal.

Bearish Case:

If the price fails to hold above 107 - 110 USDT, it may retest the 95 - 100 USDT zone.

A breakdown below 95 USDT would confirm further downside.

Trading Strategy:

For Long Positions (Buyers): Wait for a breakout above 115 - 120 USDT or buy near 100 USDT with a stop loss.

For Short Positions (Sellers): Look for rejection at 115 - 120 USDT and target 100 USDT.

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