Short term SOLUSDT looks bearish with resistance ahead. A break above 96.60 would call for a retest of supply zones overhead on the 4-hour chart. Support needs to hold to avoid further downside.
Contents
For a more in-depth technical analysis across different timeframes, please click the link to view the identified levels of support and resistance, trends, and reversal patterns on the weekly and daily charts.
4 Hour Timeframe
- SOLUSDT is currently in a downtrend based on the lower highs and lower lows seen over the past few candles.
- The price is approaching the 0.618 Fibonacci retracement level of 99.36 which could provide resistance.
- There is a resistance zone between 99.50-97.77 based on the swing highs and lows in that area. This lines up with the 0.618 level.
- Two supply zones have formed with the current price sitting in Supply Zone #1 between 100.47-97.68.
- If price breaks above this zone, it will enter Supply Zone #2 between 108.15-104.29.
- Two bearish fair value gaps can be seen below between 104.29-103.25 and 112.55-110.48 which could attract further selling momentum.
Fibonacci Retracement Levels
0.382 | 93.94 |
0.50 | 96.66 |
0.618 | 99.36 |
0.786 | 103.24 |
0.882 | 105.45 |
Support/ Resistance Zone
S/R Type | High | Low |
Resistance Zone #1 | 99.50 | 97.77 |
Supply Zone
Zone Number | High | Low |
Supply Zone #1 | 100.47 | 97.68 |
Supply Zone #2 | 108.15 | 104.29 |
Fair Value Gaps / Imbalances
Gap Number | High | Low |
Bearish FVG #1 | 104.29 | 103.25 |
Bearish FVG #2 | 112.55 | 110.48 |
1 Hour Timeframe
- The short term trend on the 1-hour chart is also down based on lower highs and lows.
- Price is currently testing support around the 0.618 Fib level of 91.44.
- Resistance is seen at 96.60-95.08 which lines up with the supply zone on the 4-hour chart.
- Supply Zone #1 has formed between 92.85-92.10. Price is currently bouncing in this area.
- Another supply zone exists between 95.31-93.85 if the current zone is broken.
- A bearish fair value gap has formed below between 93.85-92.86 which could trigger more downward movement.
Fibonacci Retracement Levels
0.382 | 89.04 |
0.50 | 90.24 |
0.618 | 91.44 |
0.786 | 93.13 |
0.882 | 94.10 |
Support/ Resistance Zone
S/R Tpe | High | Low |
Resistance #1 | 96.60 | 95.08 |
Supply Zone
Zone Number | High | Low |
Supply Zone #1 | 92.85 | 92.10 |
Supply Zone #2 | 95.31 | 93.85 |
Fair Value Gaps / Imbalances
Gap Number | High | Low |
Bearish FVG #1 | 93.85 | 92.86 |