SOL/USDT Perpetual Contract is shown on the 1D timeframe.
Price is currently trading around the $99.44 zone, following a strong upward move toward the marked $110.60 high. The recent consolidation appears to be forming a descending triangle, with lower highs developing beneath a descending resistance trendline and horizontal support near $99.44.
The key support level is around $99.44. A sustained move below this level could invalidate the current bullish projection and signal further downside risk.
The descending trendline acts as the immediate breakout resistance zone, while the recent high near $110.60 remains an important resistance level to watch.
A breakout above the descending resistance trendline could provide confirmation of the upside setup. If confirmed, the chart projects a potential target near $134.89, representing an approximate 35% move from the current $99.44 price zone.
Watch for confirmation before considering the projected move, as failure to hold the $99.44 support could invalidate the setup.
SOL/USDT Perpetual Contract is shown on the 1D timeframe.
Price is currently trading around the $99.44 zone, following a strong upward move toward the marked $110.60 high. The recent consolidation appears to be forming a descending triangle, with lower highs developing beneath a descending resistance trendline and horizontal support near $99.44.
The key support level is around $99.44. A sustained move below this level could invalidate the current bullish projection and signal further downside risk.
The descending trendline acts as the immediate breakout resistance zone, while the recent high near $110.60 remains an important resistance level to watch.
A breakout above the descending resistance trendline could provide confirmation of the upside setup. If confirmed, the chart projects a potential target near $134.89, representing an approximate 35% move from the current $99.44 price zone.
Watch for confirmation before considering the projected move, as failure to hold the $99.44 support could invalidate the setup.
