SOL is currently exhibiting signs of bearish continuation after failing to break above key resistance. We see a possible double bottom forming around the current price level, indicating a potential test of support at $115.
Price action has been consolidating after a recent decline, potentially forming a double bottom pattern.
Fibonacci retracement levels (not shown, but recommended to add to your chart) suggest a measured downside target near $115.
The failure to break above resistance indicates continued weakness in the market.
Risk/Reward:
The potential reward-to-risk ratio favors a short position, with a target of $115 and a stop-loss placed slightly above the recent resistance level.
Then hey, if we're lucky, up to $340.
Price action has been consolidating after a recent decline, potentially forming a double bottom pattern.
Fibonacci retracement levels (not shown, but recommended to add to your chart) suggest a measured downside target near $115.
The failure to break above resistance indicates continued weakness in the market.
Risk/Reward:
The potential reward-to-risk ratio favors a short position, with a target of $115 and a stop-loss placed slightly above the recent resistance level.
Then hey, if we're lucky, up to $340.
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