In a volatile market, Solana (SOL) shows potential for significant movements across various timeframes. This analysis covers SOL's price trends on daily, weekly, 4-hour, and 15-minute charts.
Daily and Weekly Analysis
On the daily chart, Solana is facing resistance at $133.81 with critical support at $117.08. A bearish sentiment has emerged due to the price being below key moving averages. Breaking above $133.81 could signal a bullish reversal targeting $146.32. The weekly chart shows a mixed outlook: holding above $117.08 supports a potential rally towards $146.32 if $133.81 resistance is broken. If support at $117.08 fails, a test of the psychological $100.00 level may occur.
4-Hour and 15-Minute Analysis
On the 4-hour chart, SOL is consolidating between $118.24 (support) and $130.00 (resistance). A breakout above $130.00 could lead to a move towards $133.81, while a drop below $118.24 suggests further downside, targeting $110.00. The 15-minute chart reveals increased volatility with support at $120.00 and resistance at $124.00.
Entry, Take-Profit, and Stop-Loss Levels
Ideal Entry: Consider an entry near $117.08. Take-Profit Levels: Target $130.00 (4-hour resistance), $133.81 (daily resistance), and $146.32 for longer-term gains. Stop-Loss: Below $115.00 to protect against downside risks.
Solana's price action is highly responsive to market conditions. Key resistance levels play a pivotal role in near-term price trajectory. Risk management is essential for navigating volatile conditions and achieving potential gains.
