🚀 $SOL — Has the downtrend been broken? 📈
📊 Technical analysis of Solana (SOL/USDT) — 15-minute timeframe
We’ve seen an improvement in price action following the previous decline, with the coin bouncing from $102.49 and reaching around $104.88.
🔴 1️⃣ Downtrend breakout
A sloping red line on the chart represents the descending trendline. We can see a green candle breaking above this line. This may be an early sign that selling pressure is weakening, but on its own, it does not confirm the start of a new uptrend.
🟢 2️⃣ Key resistance
We’re watching for a breakout above horizontal resistance near $105.51, the area marked by the green line.
✅ A 15-minute candle close above $105.51, accompanied by increased trading volume, could strengthen the likelihood of further upside.
🎯 Potential targets after the breakout is confirmed:
* First target: $106.00
* Second target: $106.60
* Third target: $107.40
🛡️ Support levels:
* $104.42
* $103.33
* $102.49 — the previous low visible on the chart.
📈 What are the indicators saying?
* RSI: Near 55, indicating moderately positive momentum.
* MACD: Slightly positive, but upward momentum appears limited.
* Supertrend: Shows a level near $104.17, so it’s worth monitoring the price in relation to it.
💰 My strategy: Spot trading only, with no leverage or borrowed funds. Manage your capital and avoid putting the entire amount into a single trade.
There are no guarantees of an upward move; this is a technical reading of the attached chart and not financial advice.
#SOL #Solana #Crypto #TechnicalAnalysis
📊 Technical analysis of Solana (SOL/USDT) — 15-minute timeframe
We’ve seen an improvement in price action following the previous decline, with the coin bouncing from $102.49 and reaching around $104.88.
🔴 1️⃣ Downtrend breakout
A sloping red line on the chart represents the descending trendline. We can see a green candle breaking above this line. This may be an early sign that selling pressure is weakening, but on its own, it does not confirm the start of a new uptrend.
🟢 2️⃣ Key resistance
We’re watching for a breakout above horizontal resistance near $105.51, the area marked by the green line.
✅ A 15-minute candle close above $105.51, accompanied by increased trading volume, could strengthen the likelihood of further upside.
🎯 Potential targets after the breakout is confirmed:
* First target: $106.00
* Second target: $106.60
* Third target: $107.40
🛡️ Support levels:
* $104.42
* $103.33
* $102.49 — the previous low visible on the chart.
📈 What are the indicators saying?
* RSI: Near 55, indicating moderately positive momentum.
* MACD: Slightly positive, but upward momentum appears limited.
* Supertrend: Shows a level near $104.17, so it’s worth monitoring the price in relation to it.
💰 My strategy: Spot trading only, with no leverage or borrowed funds. Manage your capital and avoid putting the entire amount into a single trade.
There are no guarantees of an upward move; this is a technical reading of the attached chart and not financial advice.
#SOL #Solana #Crypto #TechnicalAnalysis