Happy Friday, dear trader. Today we bring a new crypto pair technical analysis and signal for you: Solana (SOLUSD). Let’s delve into the analysis without delay.
SOLANA (SOLUSD) – Double Top Alert! Are the Bears Getting Ready? 🔽🐻
Today, we bring you an exciting new crypto analysis: SOLANA (SOLUSD) – one of the hottest altcoins in the market. Let’s break down what the charts are telling us and where potential trade opportunities lie.
Currently, SOLANA is forming a textbook double-top pattern on the 4H chart – a classic bearish reversal signal. After an impressive rally, price action is now showing signs of exhaustion. The asset has retraced and is currently retesting the 200-period moving average, which has so far acted as dynamic support.
📉 If the price fails to hold this 200-MA level and breaks below the neckline of the double top (around the $160.00 mark), it would confirm a bearish breakout. This would open the door for further downside movement, giving short-term traders an ideal opportunity to capitalize on the bearish sentiment.
🔍 SOLUSD Technical Highlights:
- Pattern: Double Top – bearish reversal signal forming
- Support: 200-MA + neckline support near $160
- Resistance: Recent highs near $173–$175
- Confirmation: 4H candle close below $160 for bearish breakout
💼 SOLUSD Trade Idea – Short Setup
🔽 Sell SOLUSD only on breakdown and consolidation below $160.00
🎯 Target Profit: $142.00
📉 Stop Loss suggestion: Just above $165 for controlled risk
💬 Summary
Solana is showing clear signs of struggle after its recent run. If the double-top pattern plays out, a move to $142 is highly probable in the near term. Keep an eye on price action around $160 — it’s the key level that will decide the next move.
👍 If you’re bearish on SOL, hit that like button and share your thoughts in the comments!
Do you think the double top will play out?
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