Solana Analysis 1HTM

This is a 1-hour chart of SOL/USDT (Solana vs Tether) on TradingView. Here's a breakdown of the technical analysis visible:

Trade Setup Overview:

Current Price: ~$175.05

Entry Point: Around 175.09 (marked by blue horizontal line and entry candle)

Stop Loss (SL): Around 175.80 (red zone above the entry)

Take Profit (TP): Around 173.00 (green zone below the entry)


Chart Analysis:

1. Trend:

Recent price action shows a strong downward trend, with consecutive bearish candles.

Price tried to break above the 9-period EMA (blue line), but it's acting as dynamic resistance.



2. Entry Logic:

The trade is a short/sell position.

Entry was likely made after a bearish rejection from the EMA or minor structure resistance.

Trader expects price to drop further towards the 173.00 level.



3. Risk-to-Reward Ratio (RRR):

SL is small (~0.7 points above), TP is large (~2 points below), suggesting a good RRR (approx. 1:3).

That’s a positive sign for proper risk management.



4. Bearish Confirmation:

The green candle that hit the EMA and then showed weakness might be a signal of rejection, confirming bearish sentiment continuation.

5. Key Levels:

Resistance: 175.80 – 177.67 zone

Support: 173.00 zone (target)