SOL Technical Outlook
There is a clear descending channel pattern on the SOL chart. This pattern, which can be seen on the daily timeframe, is very clear on the 4H timeframe. The support range of $139.90–$146.78 where the upward breakout occurred currently seems to be a critical horizontal zone.
There have been three price tests to the upper boundary of the channel. The fourth test has occurred and the upward breakout, also the target of the falling channel, has occurred and the price is trading above this breakout for the time being. Major levels are $139 and the support level $132, which also coincides with the trend support level. $167.79, $197.80, and $223.09 are major upward targets.
These analyses, not offering any kind of investment advice, focus on support and resistance levels considered to offer trading opportunities in the short and medium term according to the market conditions. However, the user is responsible for their own actions and risk management. Moreover, it is highly recommended to use stop loss (SL) during the transactions.
