SOLUSDT - PRE BREAKOUT CONSOLIDATION - BREAKOUT ON THE HORIZON?Symbol - SOLUSDT
CMP - 134.70
SOLUSDT recently exhibited a false breakdown near the lower boundary of its established range. The market responded positively, with price action recovering and consolidating just below a key resistance level.
Bitcoin is also undergoing a consolidation phase. While both Bitcoin and SOL display similar movement patterns, Bitcoin has recently shown stronger correlation with equity markets and appears to be taking the lead.
Currently, SOLUSDT is consolidating below a significant resistance zone around 134.00-136.00, The initial test of this level could result in a minor pullback - potentially toward the 0.5 Fib retracement or continued consolidation near resistance. However, a confirmed breakout followed by sustained price action above this consolidation range would be a constructive signal, indicating potential for further upward movement. It is important to note that a broader trend reversal is not yet in play, the focus remains on short-term price targets at 140, 147, and 152.
Key Resistance levels: 147, 152
Key Support levels: 129, 123, 111
The overall macro trend remains bearish. Locally, the market is neutral, with price moving sideways within a defined range. The recent false breakdown beneath support may indicate a liquidity grab, suggesting the potential for price to move toward upper resistance zones between 147 and 152 in the short term.
