TradeCityPro | SOL: Market Calms After Sharp Move & RSI Support

👋 Welcome to TradeCityPro!
Let’s analyze SOL, one of the most popular Ethereum killers with a market cap of $99.9 billion, currently ranking 6th on CoinMarketCap.

⏳ 4-Hour Timeframe
In the previous analysis, we had a Maker Buyer zone around $235. In that analysis, I mentioned that breaking this zone would be an early trigger for breaking $248.58.

🔍 However, the price never managed to sustain above this level, and after getting rejected from this zone, the price entered a corrective phase, forming a support at $218.13.

📊 After the price bounced from $218.13 for the first time, it failed to set a new high in line with previous highs and instead formed a lower high. The price returned to $218.13 again.

✔️ With the breakout of this level, coinciding with news between China and the U.S., the price started a sharp downward move, breaking through the $213.14 support.

✨ Over the course of 2-3 candles, SOL made a sharp move towards the first Maker Buyer zone, breaking it and reaching the second Maker Buyer zone.

💫 Naturally, there was a significant increase in selling volume during this move, and RSI dropped to 16, where it found support.

🧩 Currently, the market seems to have calmed down, with RSI still in the Oversell zone, but volatility has significantly decreased.

💡 Although the market has calmed, I believe the price needs to build a more structured setup before finding valid triggers, and the market conditions are not ideal for opening positions right now.

💥 So, for now, I won’t provide any triggers on this coin and will wait for more structure to form before making a better decision to open a position.

📝 Final Thoughts

Stay calm, trade wisely, and let's capture the market's best opportunities!

This analysis reflects our opinions and is not financial advice.

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