SOLUSDT: Increase while the price is still decreasing?
Currently, SOLUSDT is trading within a descending channel, with significant selling pressure keeping it in check. From the chart, we can clearly see the strong support zone (super support) between $120-$130, which has been a key level where SOLUSDT has bounced multiple times in the past.
At this point, it’s likely that SOLUSDT may continue to correct and test this support zone again before making a stronger move upward. The resistance around $180 has yet to be broken, indicating that the longer-term downtrend remains intact. If SOLUSDT fails to break the descending channel, we could see further downside movement towards the support zone before a potential rally.
Forecast: SOLUSDT is likely to experience a slight pullback towards the support zone before possibly gaining momentum for a bullish rebound.
Market sentiment and macroeconomic news will continue to influence this trend, especially as the cryptocurrency market faces ongoing volatility. Stay alert for any developments that might shake up the charts!
At this point, it’s likely that SOLUSDT may continue to correct and test this support zone again before making a stronger move upward. The resistance around $180 has yet to be broken, indicating that the longer-term downtrend remains intact. If SOLUSDT fails to break the descending channel, we could see further downside movement towards the support zone before a potential rally.
Forecast: SOLUSDT is likely to experience a slight pullback towards the support zone before possibly gaining momentum for a bullish rebound.
Market sentiment and macroeconomic news will continue to influence this trend, especially as the cryptocurrency market faces ongoing volatility. Stay alert for any developments that might shake up the charts!
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.