Hello everyone, let's look at the SOL to USDT chart on a 4-hour timeframe. As you can see, the price is moving above the local uptrend line.
Let's start with determining the support and here we can first mark the support zone from $21.64 to $21.23, if the support is broken then the next support is $20.85, then $20.28 and $19.54.
Now let's move to the resistance line, as you can see we first have a resistance zone from $22.06 to $22.68, if we break it, the next resistance will be $23.18, $23.68 and $24.40.
Looking at the CHOP indicator, we see that we have more and more energy, the MACD indicates a local downtrend, while the RSI is rebounding, which may give room for new increases.
Let's start with determining the support and here we can first mark the support zone from $21.64 to $21.23, if the support is broken then the next support is $20.85, then $20.28 and $19.54.
Now let's move to the resistance line, as you can see we first have a resistance zone from $22.06 to $22.68, if we break it, the next resistance will be $23.18, $23.68 and $24.40.
Looking at the CHOP indicator, we see that we have more and more energy, the MACD indicates a local downtrend, while the RSI is rebounding, which may give room for new increases.