$SOL
SOLUSDT — Coiling at Mid-Range for Next Major Move
SOLUSDT is trading at $128.43, compressing within a tight range between the key support at $126.66 and resistance at $132.09. This follows a period of consolidation after its recent rally, indicating a balance between profit-taking and accumulation. The declining volatility and volume suggest a significant breakout is imminent, offering a clear, high-probability setup.
Trade Plan (Long - Symmetrical Triangle Breakout)
Entry (Long): $128.5 – $130.0 (on a confirmed breakout and close above the triangle's upper trendline with rising volume).
Target 1: $135 – $137 (measured move target of the triangle's height and a key psychological zone).
Target 2: $142 – $145 (extension toward the previous major high and the 1.618 Fib level).
Stop Loss: $125.9 (below the triangle's lower trendline and the critical 24h low).
My View
Compression of this nature in a strong asset like SOL typically resolves in the direction of the underlying trend, which remains bullish. The most probable move is an explosive breakout to the upside, targeting new local highs. This setup is for breakout traders seeking to capitalize on a surge in volatility. Do not enter early—wait for the decisive breakout candle on the 4H chart to confirm the direction.
