SOL 30min 6jan Volume Profile - short term trade
2025-01-07
Category: None

The SOL/USDT 30-minute chart shows price consolidating around $219, after a breakout from a previous accumulation zone near $211.52 ("March highs"). A potential pullback to the Fibonacci 0.618–0.786 retracement levels ($215.50–$217) could provide a strong buy zone before a bullish continuation to higher resistance levels near $230. Volume analysis suggests strong buyer interest at the breakout, but a reset is likely to test support levels before further upward momentum.

 Volume Profile (Left Side of the Chart):
 
The Volume Profile indicates a high level of trading activity at $211–$213, showing this as a key support zone where buyers previously accumulated.
Breakout volume near $219 suggests strong bullish momentum, but diminishing volume at current levels signals potential exhaustion and a short-term pullback.

Current Price ($219): Acting as a resistance zone after the recent breakout. Sustained consolidation above this level would confirm bullish continuation.

 Fibonacci Levels ($215.50–$217): 
0.618 retracement ($215.50) and 0.786 retracement ($217) align with potential pullback zones.
These levels are likely areas where buyers will re-enter for a continuation move upward.
Support at $211.52 (March Highs): A strong support level below the Fibonacci levels, which aligns with the previous consolidation area and volume cluster.

Resistance near $230: The next upside target if bullish momentum continues.