Solana: Trendline Breakdown & Support Test

Solana: Trendline Breakdown & Support Test

• Solana (SOLUSD) on the 4-hour timeframe has recently broken down from its ascending trendline and is currently testing the "220 to 224 Immediate Support" zone, trading around 222.04 after a significant drop.
  
• Bullish Scenario: For a reversal, SOL must reclaim and hold above the "220-224 Immediate Sup-port" and push past the "230" level (which was previously support), targeting "240 current Re-sistance".
  
• Bearish Scenario (Immediate): If Solana fails to maintain the "220 to 224 Immediate Support" or gets rejected when attempting to retest the broken trendline from below, it would signal further bearish pressure, leading to a test of the "215 Key Support."
  
• Bearish Scenario (Deeper): A confirmed breakdown below the "215 Key Support" would invalidate the recent bullish structure and likely lead to a deeper retracement towards the critical "200 to 205, Trend Change" zone, where a significant re-evaluation of the trend would be necessary.
  

Disclaimer:
The information provided in this chart is for educational and informational purposes only and should not be considered as investment advice. Trading and investing involve substantial risk and are not suitable for every investor. You should carefully consider your financial situation and consult with a financial advisor before making any investment decisions. The creator of this chart does not guarantee any specific outcome or profit and is not responsible for any losses incurred as a result of using this information. Past performance is not indicative of future results. Use this information at your own risk. This chart has been created for my own improvement in Trading and Investment Analysis. Please do your own analysis before any investments.