 SOLUSDT Price Action Analysis - Bullish Breakout Opportunity
2024-12-23
Category: None

The 1-hour chart of SOLUSDT shows promising signs of a potential bullish breakout. The price has been moving in a descending channel, but it is now testing the downward trendline (blue). A confirmed breakout above this line could signal the start of a strong upward move.

Bullish Scenario:

If the price breaks and stabilizes above the $187-$190 range, it would confirm the bullish reversal.
The first target is $202, a key resistance level based on previous price action.
If the bullish momentum continues, the next target is set at $213, aligning with a critical resistance zone and a longer-term trendline.
Trading Strategy:

Focus on entering a long position after the price breaks and holds above the $187 level.
First target: $202.
Second target: $213.
Stop-loss: Below $180 to limit potential downside risk.
The chart indicates strong potential for upward movement if the breakout is confirmed, making this a favorable opportunity for long positions. Proper risk management is essential to handle any unexpected market reversals.