SOL 4-Hour Chart Analysis

Current Price: Approximately $202

Key Support and Resistance Levels

Strong short-term support is observed between $198 and $200, with the next significant support level at $185. On the upside, a formidable supply zone exists in the $210 to $216 range, followed by resistance at $230.

Potential Bullish Scenario

Should the price maintain its position above the $198-$200 support zone, we could see the following upward movements:

Initial Target: $210 Secondary Target: $218 Extended Target: Potentially exceeding $230

For those considering long positions, a prudent stop-loss level would be set at $195.

Possible Bearish Outcome

In the event that the price breaches the $198 support:

Initial Downside Target: $185 Secondary Downside Target: $175

Traders looking to short might consider placing their stop-loss above $210.

Market Overview

At present, SOL is exhibiting a slightly bearish short-term trend following a rejection near the $216 mark. The $200 zone is crucial; a successful hold at this level could trigger a rebound, while a breakdown might lead to further price depreciation.

It's important to note that this analysis is provided for educational purposes only and should not be construed as financial advice. Investors and traders are strongly encouraged to conduct their own thorough research and carefully consider their risk tolerance before engaging in any trading activities.

Your feedback is valuable. If you find this analysis helpful, please consider following, liking, and commenting on the post. Thank you for your support.