🔍Today, it's Thursday and the Solana (SOL) price on the 4-hour timeframe indicates a consolidating pattern. Over the past few days, SOL has approached the critical resistance level at $195.03. After testing this level once and then experiencing a fakeout, it retraced twice. This suggests $195.03 as a significant level, potentially marking the beginning of the next upward movement upon breakout.
📊Moreover, SOL's trading volume has decreased compared to its parabolic phase, reflecting decreased market excitement. Patiently waiting for the breakout above $195.03 is crucial for significant volumes to enter the market.
🚀Applying Fibonacci retracement tool reveals a correction to the 0.382 level, forming a range between 0.382 and 0 levels.
📈For long positions, consider entering after the breakout above $195.03, offering a favorable trigger point. If the breakout sustains without a fakeout, it could be one of the best entry points for the next upward movement.
📉As for short positions, exercising patience until SOL tests the range further, or alternatively, entering after the breakdown below $168.87, pending confirmation by the Dow Theory.
⚡️By staying vigilant and strategic, traders can capitalize on potential opportunities in SOL's price movements.