SOL/USDT 4H Chart Review
I invite you to review the SOL chart in the USDT pair. We will start by defining the yellow line as an upward trend line from which the price has broken out at the bottom, creating an ongoing downward trend channel in which we are approaching the upper border.
Going further, we can move on to marking support areas when we start a larger correction. And here the first support is at the price of $89.78, but further we can define a very strong support zone from $80 to $67.
Looking the other way, once again after unfolding the fib retracement saitka, we see that the price has reached the resistance level at $100.73, only when it overcomes it and exits the upper channel, will it move towards the resistance zone from $118 to $126, which is held price before moving towards $151.
Please look at the RSI indicator, which has returned to the middle of the range, making it difficult to indicate the direction, while the STOCH indicator shows a downward movement with room for the price to recover more.
Going further, we can move on to marking support areas when we start a larger correction. And here the first support is at the price of $89.78, but further we can define a very strong support zone from $80 to $67.
Looking the other way, once again after unfolding the fib retracement saitka, we see that the price has reached the resistance level at $100.73, only when it overcomes it and exits the upper channel, will it move towards the resistance zone from $118 to $126, which is held price before moving towards $151.
Please look at the RSI indicator, which has returned to the middle of the range, making it difficult to indicate the direction, while the STOCH indicator shows a downward movement with room for the price to recover more.
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