SOLVUSDT - RETEST OF RESISTANCE IN A BEARISH TRENDSymbol - SOLVUSDT
CMP - 0.0430
SOLVUSDT is currently consolidating within a neutral range, which has emerged amid an ongoing downtrend. The cryptocurrency market has swiftly retreated following the news from Sunday. Bitcoin has re-entered the selling zone, falling below the 90K level. A continued decline in Bitcoin could exert downward pressure on the broader market.
SOLV is forming a range between 0.044 and 0.0292, with the price showing signs of strengthening toward the key liquidity and interest zones. Given the prevailing market conditions - including the downtrend, a weak market sentiment, the lack of a strong catalyst, and Bitcoin's decline - it is reasonable to assume that the coin has limited potential for further upward movement. The current price action may result in a false breakout of resistance, followed by a decline.
Resistance levels: 0.0436, 0.0439, 0.0494
Support levels: 0.0369, 0.0345
Considering the daily ATR from the session's open, it is expected that the volatility will be exhausted by the time resistance is reached, leaving little room for a breakout. There is a high probability of a price retracement from the 0.0436-0.0439 range, with the price likely to fall towards the key support zones below.
