SOLUSDT: Forming a bearish pattern?
2024-10-02

The SOLUSDT chart may be forming an Inverse Cup pattern, which signals a potential trend reversal from bullish to bearish.

In this pattern:

The inverted cup is created when the price rises, then reverses downward, forming a rounded top resembling an upside-down cup.
As the price drops and approaches the support level, traders watch to see if the support will be broken. If it does break, a strong bearish trend is likely to follow.
In the case of SOLUSDT, the price is showing signs of declining from the top of the inverted cup pattern, and it could continue to fall if it breaks below the support levels of 145 USDT and then 134 USDT.

Trading strategy based on the inverse cup pattern: Traders can wait for a break below the support level to confirm the bearish trend and then enter a sell position targeting lower levels, such as around 134 USDT.