SOL/USDT : DOuble bottom - buy signal

SOL/USDT Mid-term (Daily chart basis - 1 to 6 weeks)

Scenario : We expect a tentative of bullish exit from the current bearish trend as long as MKR remains 800 and 1020 in setback. An intermediate resistance area at 1470/1740 is acting as taking profit level on the short-term while 3580 is the standard target for the coming weeks/months

Key Elements:

- The long-term trend analysis show strategic support at 16,20 while the tactical support stands at 21,60
- The mid-term element as Mobile averages and RSI are still showing SOL under pressure - RSI is accumulating momentum after having triggered a divergence ( mixed picture)
- Double bottom potential at 92.00
- SOL is underperforming ETH but is back on support versus ETH like in May/june 2022 which is calling for a new SOL outperformance soon

Trade Idea : Buy

Target 2 : 92 (+220% from 28)
Target 1 : 49,40 (+73% from 28)
Entry area 27 / 28 (in setback)

Stop 21,60 (Daily close)

Comment:

38 upside confirmation reached - a daily close above will open 49 and 58