๐จ $SOL 4H ANALYSIS - W-Shaped Recovery in Play! ๐ฅ
Solana (SOL/USDT) 4H Chart (Binance)
$SOL has formed a clear W-shaped recovery after successfully defending the recent lows. Price has reclaimed both the 9 EMA and 50 SMA and is now challenging a major resistance zone around $67 โ $68.
Key Observations:
โข Strong defense of lower levels
โข Back above key moving averages (EMA 9 & SMA 50)
โข Testing critical resistance
Bullish Scenario:
A clean breakout and flip of the $67โ68 zone into support could trigger a strong relief rally toward higher levels.
Bearish Scenario:
Rejection at this resistance may keep $SOL in a range for a while longer.
My View:
Structure is turning bullish while holding above the moving averages. Watch for a decisive close above $68 for stronger continuation.
DYOR | This is not financial advice. Trade at your own risk.
