Fireball Finance : SQL Breakout - Targeting $350!This weekly chart of SOL/USDT highlights a potential trading setup:
Support Zone: The green zone around $113.74 has shown strong buying interest, acting as a base for the current uptrend.
Fair Value Gap (FVG): A key area around $190-$200, marked in yellow, could serve as a liquidity zone for a possible retracement before resuming the upward move.
Resistance Zone: The red zone near $266 could act as the next significant hurdle. A clean break above this level could confirm bullish momentum.
Target: If the bullish scenario plays out, we may see SOL rally towards the target of $350, as marked in yellow.
Plan:
Watch for price action near the FVG zone. A strong bullish reaction here may offer a good entry point.
Monitor the breakout above the resistance at $266. A confirmed close above this level strengthens the case for reaching the $350 target.
Use appropriate risk management. A stop-loss below the FVG zone or support near $113.74 can help manage downside risk.
This idea is based on the current market structure and should be updated as price action evolves.
Note:
This content is for educational purposes only and is not investment advice. Always conduct your own research and consult with a financial advisor before making investment decisions.
