Outlook on SOL/USD 03/11/2024
Pre Election analysis of Solana/USD
Bullish scenario:
If the current level holds as support and the price moves above the recent highs, it may target the upper zone around $188 or higher. Levels around $170-$175, appears to be a near-term top. We could see an extension towards the $188-$200 range, which aligns with both the monthly and daily upper targets. A potential retracement to the $140-$150 daily could offer a discounted entry opportunity, with a possible target back up to the $188-$200 zone.
$222 : Conservative target post-breakout above $200.
$249 : Key resistance, close to previous all-time highs.
$280 : Extended target for bullish continuation.
$345 : Target in a strong rally.
$453 : Long-term, ambitious target if SOL experiences a major bull run.
Bearish scenario:
If the price fails to hold above the trendline and begins breaking below $140, it could indicate a shift towards a bearish scenario. This could open the possibility for a retracement to deeper discount levels, potentially back to $118 or lower. If the price struggles to break above the $170-$175 zone and shows bearish reversals, it could trigger a deeper correction to retest the $140-$150 level or even the key $118 monthly support zone. Worst case scenario $98-$106.
Bullish scenario:
If the current level holds as support and the price moves above the recent highs, it may target the upper zone around $188 or higher. Levels around $170-$175, appears to be a near-term top. We could see an extension towards the $188-$200 range, which aligns with both the monthly and daily upper targets. A potential retracement to the $140-$150 daily could offer a discounted entry opportunity, with a possible target back up to the $188-$200 zone.
$222 : Conservative target post-breakout above $200.
$249 : Key resistance, close to previous all-time highs.
$280 : Extended target for bullish continuation.
$345 : Target in a strong rally.
$453 : Long-term, ambitious target if SOL experiences a major bull run.
Bearish scenario:
If the price fails to hold above the trendline and begins breaking below $140, it could indicate a shift towards a bearish scenario. This could open the possibility for a retracement to deeper discount levels, potentially back to $118 or lower. If the price struggles to break above the $170-$175 zone and shows bearish reversals, it could trigger a deeper correction to retest the $140-$150 level or even the key $118 monthly support zone. Worst case scenario $98-$106.
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