SOLUSDT: Breakout or Correction?
2024-10-21

As Edward, let me break this down.

Looking at the SOLUSDT chart, we are currently trading within an ascending channel, indicating that the overall momentum is bullish. The price is pushing against the upper trendline of this channel, signaling some immediate resistance in this area. It is testing near $170 but seems to be facing rejection from this level.

Now, let me walk you through two scenarios:

 Pullback and Continuation: 
The most likely scenario I see is a short-term pullback. Note that the price has reached the upper boundary of the ascending channel. This usually indicates a need for a price correction. It is very likely that the price will retrace to the lower boundary of the channel (around the $158–$160 area). This area also aligns with a recent support block marked on the chart, creating a solid area where buyers can return. If price respects this support level and remains within the channel, expect the price to continue rising, potentially testing $175–$180 in the near term.

 Breakout and Retest: 
Another scenario to consider is a break above the current resistance around $170. If price closes above this level, it could signal further upside. However, I would be cautious here. Wait for a retest of the breakout to ensure that it is not a fakeout. If that happens, expect SOLUSDT to target $180 or higher as the momentum continues.