Solana got Raped ?!
2024-10-08

This chart illustrates the price action of **SOL/USDT** on a 4-hour timeframe, with the following key insights:
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### 1. **Price Action**:
   - SOL is currently trading around **$147**, following a bounce from the lower levels near **$132-136**, with recent upward movement supported by an ascending trendline.
   - However, price is showing signs of a potential stall or reversal at current levels.

### 2. **Fair Value Gaps (FVG)**:
   - **4-hour FVG and Daily FVG**: The red shaded areas between **$148-$154** indicate a resistance zone where the price may encounter selling pressure.
   - The price has been rejected within this zone, and we see wicks (upper shadows) indicating that buyers are losing momentum in this region.

### 3. **Projected Price Movement**:
   - The **green arrow** suggests a possible short-term push higher towards the upper part of the resistance (near $152) before encountering heavy selling pressure.
   - The **red arrow** indicates a projected bearish reversal after hitting the resistance zone. The price is expected to break below the ascending trendline and head lower, potentially targeting the **$136-$132** support area.

### 4. **Support and Resistance**:
   - **Resistance**: The zone between **$148 and $154** is a strong resistance area due to overlapping FVG zones.
   - **Support**: There’s a clear support zone around **$132-$136**, which could be tested if the price breaks down.

### 5. **Market Sentiment**:
   - The price action suggests a **bearish bias**. Despite the current upward trend, there are signs of weakness as SOL struggles with the resistance zone. A break below the ascending trendline would further confirm a downward move towards lower support levels.

This analysis suggests that SOL is facing strong resistance around $148-$154, and a pullback towards $132-$136 may be likely.