SOLANA → Will a false breakdown be the cause of the rally?
2025-01-14
Category: None

BINANCE:SOLUSDT  is testing a previously broken downtrend boundary as part of a correction. Bulls are employing aggressive methods to keep defenses above key support ahead of Trump's inauguration, keeping hopes high

  

On the weekly timeframe, the market is supported by SMA50 support indicating a strong uptrend. The focus is on two strong levels: 204.75 and 175. These are the boundaries of the current range. A breakdown of any of the boundaries will play a key role in further price movement. But I consider the realization of resistance as a priority.
On D1 yesterday a false break of strong support was formed in the form of previously broken downtrend resistance. This indicates that the market is still in a bullish plane and on the background of upcoming important news this could have a favorable impact for the coin. 

 Resistance Levels: 203-204
Support levels: 183, 175 

If the price starts to retest the support at 175 and form a consolidation with a gradual downward compression, the risk of breaking the bullish pattern will increase. 
But, based on fundamental data, I expect a consolidation above 183 and further growth

Regards R. Linda!