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SOL

Solana (SOL): Preparing for Further CorrectionsInitially, we entered Solana at $80 and have been pleased with our position. However, upon reevaluating our scenario, we believe that the larger Wave II may not be complete, and we could see further downside. Therefore, we have decided to adjust our stop loss to avoid being prematurely stopped out, especially if Wave II is not yet finished. This adjustment is based on our long-term belief in Solana's potential. We anticipate that Solana might fall to the range between $92 and $51, with $51 being the absolute maximum downside level. In anticipation of further corrections, we plan to place a second entry at the 127.2% Wave C level, expecting a significant rise post-correction. Quarterly VWAP Analysis In the current situation, the 2024 Q1 VAH (Volume Area High) is acting as resistance, while the current range is defined by the 2024 Q1 VWAP at $126, which has been touched twice, each time forming lower lows. If Solana loses the $126 support level, the next significant range is between $91 and $82. This aligns well with our second entry target at the 2024 Q1 VAH and the 2023 Q4 VAH. In the worst case, a further drop could take Solana down to around $60. To achieve a bullish reversal, Solana needs to reclaim the $126 level and push upwards. Breaking above $161.9 would signal strength, and surpassing the $210 mark would confirm a bullish trend continuation. In conclusion, we remain open to further downside to the $91-$82 range for a potential second entry. Holding this range is crucial to avoid deeper declines towards $60. Conversely, reclaiming $126 and breaking above $161.9, and eventually $210, would indicate a strong bullish reversal.
Long
by freeguy_by_wmc
Bullish bounce?SOL/USD is falling towards a support level which is a pullback support and could potentially bounce from this level to our take profit. Entry: 120.74 Why we like it: There is a pullback support level. Stop loss: 113.29 Why we like it: There is a pullback support level which lines up with the 100% Fibonacci projection. Take profit: 134.42 Why we like it: There is an overlap resistance level which lines up with the 38.2% Fibonacci retracement. Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
VANTAGE:SOLUSDLong
by Vantage
1
SOL Solana Bearish PennantIf you haven`t sold SOL close to the top: Solana, hailed for its scalability and performance within the cryptocurrency ecosystem, finds itself ensnared within the confines of a bearish pennant formation, signaling potential headwinds for the altcoin in the near term. With a looming price target of $125, Solana faces mounting selling pressure as it grapples with the implications of this ominous technical pattern. A bearish pennant, characterized by a brief consolidation phase following a sharp downward move, often precedes further declines, reflecting a temporary pause in selling pressure before a potential continuation of the prevailing downtrend. Solana's recent price action mirrors this pattern closely, with each attempt at recovery stymied by strong resistance, reinforcing the prevailing bearish sentiment.
Short
by TopgOptions
3
SOLUSDT.1DAnalyzing the SOL/USDT chart, we notice a few key technical elements that provide insights into the market's current dynamics and potential future movements. Key Observations: Current Price and Movement: SOL/USDT is trading at $133.83, marking a decline of 1.32% today. This movement places SOL near an important support level. Support and Resistance Levels: R1 (Resistance Level 1): $193.09 - This level represents a significant barrier that SOL would need to overcome to confirm a bullish trend. S1 (Support Level 1): $116.96 - Positioned as the first major support, holding above this could be crucial for maintaining a bullish outlook. S2 (Support Level 2): $92.78 - A critical lower support, indicating deeper market corrections if S1 fails. Technical Indicators: MACD (Moving Average Convergence Divergence): The MACD is below its signal line, indicating bearish momentum. RSI (Relative Strength Index): The RSI is at 40.73, close to entering the oversold territory, which might indicate a potential for price stabilization or reversal if it dips further. Analysis and Conclusion: The SOL/USDT pair is currently in a delicate position, hovering just above a crucial support level at $116.96. The recent price decline and the bearish MACD suggest that the market is under some pressure. However, the proximity of the RSI to oversold conditions could imply that a bounce back may occur if the support holds strong, potentially driving the price toward R1 at $193.09. The strategy for traders in this scenario should be to closely monitor the $116.96 support level. A sustained break below this level could trigger further declines toward S2 at $92.78, while a rebound from this support could offer a buying opportunity with targets at higher resistance levels. For now, it's advisable to watch for any bullish signals, such as a positive crossover in the MACD or a rebound in the RSI from oversold levels, which could suggest an impending recovery. Conversely, continued weakness in these indicators might suggest extending the bearish outlook. In summary, SOL's market dynamics suggest a testing time ahead. Traders should remain vigilant, monitor key technical levels closely, and be prepared to adjust their positions based on price action and indicator signals. Always consider using stop-loss orders to manage risks effectively in this volatile market environment.
by MarsSignals
SOLUSDT.1DAnalyzing the SOL/USDT chart, we notice a few key technical elements that provide insights into the market's current dynamics and potential future movements. Key Observations: Current Price and Movement: SOL/USDT is trading at $133.83, marking a decline of 1.32% today. This movement places SOL near an important support level. Support and Resistance Levels: R1 (Resistance Level 1): $193.09 - This level represents a significant barrier that SOL would need to overcome to confirm a bullish trend. S1 (Support Level 1): $116.96 - Positioned as the first major support, holding above this could be crucial for maintaining a bullish outlook. S2 (Support Level 2): $92.78 - A critical lower support, indicating deeper market corrections if S1 fails. Technical Indicators: MACD (Moving Average Convergence Divergence): The MACD is below its signal line, indicating bearish momentum. RSI (Relative Strength Index): The RSI is at 40.73, close to entering the oversold territory, which might indicate a potential for price stabilization or reversal if it dips further. Analysis and Conclusion: The SOL/USDT pair is currently in a delicate position, hovering just above a crucial support level at $116.96. The recent price decline and the bearish MACD suggest that the market is under some pressure. However, the proximity of the RSI to oversold conditions could imply that a bounce back may occur if the support holds strong, potentially driving the price toward R1 at $193.09. The strategy for traders in this scenario should be to closely monitor the $116.96 support level. A sustained break below this level could trigger further declines toward S2 at $92.78, while a rebound from this support could offer a buying opportunity with targets at higher resistance levels. For now, it's advisable to watch for any bullish signals, such as a positive crossover in the MACD or a rebound in the RSI from oversold levels, which could suggest an impending recovery. Conversely, continued weakness in these indicators might suggest extending the bearish outlook. In summary, SOL's market dynamics suggest a testing time ahead. Traders should remain vigilant, monitor key technical levels closely, and be prepared to adjust their positions based on price action and indicator signals. Always consider using stop-loss orders to manage risks effectively in this volatile market environment.
by MarsSignals
SOLUSDT.1DAnalyzing the SOL/USDT chart, we notice a few key technical elements that provide insights into the market's current dynamics and potential future movements. Key Observations: Current Price and Movement: SOL/USDT is trading at $133.83, marking a decline of 1.32% today. This movement places SOL near an important support level. Support and Resistance Levels: R1 (Resistance Level 1): $193.09 - This level represents a significant barrier that SOL would need to overcome to confirm a bullish trend. S1 (Support Level 1): $116.96 - Positioned as the first major support, holding above this could be crucial for maintaining a bullish outlook. S2 (Support Level 2): $92.78 - A critical lower support, indicating deeper market corrections if S1 fails. Technical Indicators: MACD (Moving Average Convergence Divergence): The MACD is below its signal line, indicating bearish momentum. RSI (Relative Strength Index): The RSI is at 40.73, close to entering the oversold territory, which might indicate a potential for price stabilization or reversal if it dips further. Analysis and Conclusion: The SOL/USDT pair is currently in a delicate position, hovering just above a crucial support level at $116.96. The recent price decline and the bearish MACD suggest that the market is under some pressure. However, the proximity of the RSI to oversold conditions could imply that a bounce back may occur if the support holds strong, potentially driving the price toward R1 at $193.09. The strategy for traders in this scenario should be to closely monitor the $116.96 support level. A sustained break below this level could trigger further declines toward S2 at $92.78, while a rebound from this support could offer a buying opportunity with targets at higher resistance levels. For now, it's advisable to watch for any bullish signals, such as a positive crossover in the MACD or a rebound in the RSI from oversold levels, which could suggest an impending recovery. Conversely, continued weakness in these indicators might suggest extending the bearish outlook. In summary, SOL's market dynamics suggest a testing time ahead. Traders should remain vigilant, monitor key technical levels closely, and be prepared to adjust their positions based on price action and indicator signals. Always consider using stop-loss orders to manage risks effectively in this volatile market environment.
by MarsSignals
SOLUSDT$SOLANA Chart Update: Looking at the CRYPTOCAP:SOL chart, we see a very attractive and well-formed bull flag pattern. Currently, the price has reached the support level of the formation, which coincides with the Fibonacci 0.618 level. If it takes support here and rises, it would confirm the upward momentum. Targets: 1. First Target: Fibonacci 1 level at $210 2. Second Target: Fibonacci 1.272 level at $265 Let's watch closely for a bounce from this support to validate the bullish scenario! 🚀
by benjaminxbt
1
SOL - Wait For The Bulls!Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst. 📈 SOL has been overall bearish, trading within the falling channel in red. Currently, SOL is approaching the lower bound of the channel. Moreover, it is retesting a strong support zone and round number $100 marked in green. 🏹 Thus, the highlighted blue circle is a strong area to look for trend-following buy setups as it is the intersection of the green support zone and lower red trendline acting as a non-horizontal support. 📚 As per my trading style: As #SOL approaches the blue circle zone, I will be looking for bullish reversal setups (like a double bottom pattern, trendline break , and so on...) 📚 Always follow your trading plan regarding entry, risk management, and trade management. Good luck! All Strategies Are Good; If Managed Properly! ~Rich
by TheSignalyst
1