SOLUSDT: Strong Recovery and Correction

Hello all dear traders. Nice to meet you again to discuss the SOLUSDT trading strategy today!

SOLUSDT continues to form a corrective trend. Prices broke above the psychological support level of 190.00 and have now leveled off after the previous strong sell-off. It is currently steady at the 184.63 mark, since the breakout and correcting accordingly, marking a loss of 3.91% on the day. So should we sell off according to the market at this time (or in other words, follow the market trend at this time?

Faced with this question, I would like to highlight the following: Especially In the current trend, the resistance level around the breakout zone can be the starting point for a sell-off because it reacts to the price accordingly. In case the bulls manage to break above this level we could see it test local highs before returning to the overall downward trend.

For now, by closely observing the Bollinger Bands that signal an impending decline. In the short term, the price could bounce back with a bounce to retest the 0.618 (189.70) Fibonacci level before falling further. The 0.618 (166.95) Fibonacci touch zone is an ideal area to test as this is a strong intermediate bottom, and the target the bears are aiming for.

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