๐น Price Action
SOL has dropped to $118.52, testing a key support zone after failing to hold above $126.18. The current price is $124.61, showing an attempt to stabilize after a sharp decline.
๐น Support Levels
- $120.00 โ A psychological level where buyers might step in.
- $110.00 โ Stronger buying interest could emerge if the downtrend continues.
๐น Resistance Levels
- $126.00 โ Immediate resistance where sellers previously rejected upward moves.
- $130.00 โ A break above this level could indicate a short-term recovery toward $140.00.
๐น Volume Analysis
โ
High sell volume near recent lows suggests strong selling pressure.
โ
Decreasing volume may indicate seller exhaustion and potential price stabilization.
โ
A spike in buy volume at support could confirm a relief rally.
๐ก Possible Scenarios
โ Bullish Scenario:
If SOL holds $120.00, we could see a rebound toward $126-$130 in the short term.
โ Bearish Scenario:
A break below $120.00 could trigger further downside toward $110.00-$105.00.
๐ How to Trade This Setup?
1๏ธโฃ Watch for candlestick confirmations at support levels.
2๏ธโฃ Check volume trendsโif buying pressure increases, a bounce is more likely.
3๏ธโฃ Monitor broader market sentiment (BTC movement, macro news).
๐ฅ Key Takeaway
SOL is at a crucial support level. A bounce is possible, but a break below $120.00 could lead to further downside. Trade with caution! ๐
๐ Disclaimer: This is for informational purposes only and does not constitute financial or investment advice. Always conduct your own research before making trading decisions.
