🔥 SOL/FDUSD (1H) TECHNICAL ANALYSIS: Bull Trap or Gear-Up for the Next Leg Up?
Solana ($SOL) sits at a critical junction after bouncing toward the $105.23 level. Based on Elliott Wave structure on the 1-Hour chart, two major scenarios are currently in play:
📈 Scenario 1: Bullish Continuation (Red Line)
This scenario remains active as long as the price holds above the current Fibonacci retracement zone.
Key Support Area: Fibo 0.382 ($104.81) – Fibo 0.5 ($103.99)
Bullish Confirmation: A solid bounce above $105.00 retesting the $107.00 resistance.
Upside Targets (Wave 5 / b): $108.79 (Fibo 1.0), $112.01 (Fibo 1.38), and $114.03 (Fibo 1.618).
📉 Scenario 2: Bearish / Bull Trap (Purple Line - Possibility 2)
Activated if selling pressure breaks down the key Fibonacci support levels.
Breakdown Trigger: A candle close below Fibo 0.618 ($103.07) – 0.764 ($102.02).
Deeper Correction Targets (Waves 3-4-5): A slide down toward the major support zone at $94.00 – $96.00.
Invalidation Level for Scenario 2: $91.73.
💡 Spot Trader Strategy:
Scaled Buys (DCA): Allocate capital in tranches around the strong support zone ($103.99–$104.81).
Risk Control: Manage downside risk if the price closes below $102.00 on higher timeframes.
Partial Take-Profit: Lock in gains progressively as price approaches the $108.00–$112.00 resistance box.
What’s your take on $SOL? Are we heading for a breakout or is this a classic bull trap? Drop your thoughts below! 👇
📌 My Personal Strategy Update: I have officially started scaling in via DCA with my first buy executed at $105.15. If the bullish scenario plays out, I will take partial profits around $108.00 - $112.00. However, if price breaks down into Scenario 2 (purple line), I have reserved capital ready to average down at the lower major support zone ($94.00 - $96.00). Stay calm, scale in, and manage your risk! 🎯
Disclaimer: DYOR (Do Your Own Research). This post is for educational purposes only and does not constitute financial advice.
#SOL #Solana #CryptoAnalysis #TechnicalAnalysis #BinanceSquare
Solana ($SOL) sits at a critical junction after bouncing toward the $105.23 level. Based on Elliott Wave structure on the 1-Hour chart, two major scenarios are currently in play:
📈 Scenario 1: Bullish Continuation (Red Line)
This scenario remains active as long as the price holds above the current Fibonacci retracement zone.
Key Support Area: Fibo 0.382 ($104.81) – Fibo 0.5 ($103.99)
Bullish Confirmation: A solid bounce above $105.00 retesting the $107.00 resistance.
Upside Targets (Wave 5 / b): $108.79 (Fibo 1.0), $112.01 (Fibo 1.38), and $114.03 (Fibo 1.618).
📉 Scenario 2: Bearish / Bull Trap (Purple Line - Possibility 2)
Activated if selling pressure breaks down the key Fibonacci support levels.
Breakdown Trigger: A candle close below Fibo 0.618 ($103.07) – 0.764 ($102.02).
Deeper Correction Targets (Waves 3-4-5): A slide down toward the major support zone at $94.00 – $96.00.
Invalidation Level for Scenario 2: $91.73.
💡 Spot Trader Strategy:
Scaled Buys (DCA): Allocate capital in tranches around the strong support zone ($103.99–$104.81).
Risk Control: Manage downside risk if the price closes below $102.00 on higher timeframes.
Partial Take-Profit: Lock in gains progressively as price approaches the $108.00–$112.00 resistance box.
What’s your take on $SOL? Are we heading for a breakout or is this a classic bull trap? Drop your thoughts below! 👇
📌 My Personal Strategy Update: I have officially started scaling in via DCA with my first buy executed at $105.15. If the bullish scenario plays out, I will take partial profits around $108.00 - $112.00. However, if price breaks down into Scenario 2 (purple line), I have reserved capital ready to average down at the lower major support zone ($94.00 - $96.00). Stay calm, scale in, and manage your risk! 🎯
Disclaimer: DYOR (Do Your Own Research). This post is for educational purposes only and does not constitute financial advice.
#SOL #Solana #CryptoAnalysis #TechnicalAnalysis #BinanceSquare
