TradeCityPro | SOL Holds PRZ as Bulls Eye Range Breakout

👋 Welcome to TradeCity Pro!
In this analysis, I want to review the SOL coin for you. This is one of the popular Layer1 projects, nicknamed the “Ethereum killer,” with a market cap of $85 billion, currently ranked 6 on CoinMarketCap.

📅 Weekly timeframe
In the weekly timeframe, after the bankruptcy news related to FTX, this coin had a very sharp bearish move and even dropped to as low as 9.84, but it managed to recover afterward.

⭐ From the key top at 27.62, a very strong bullish move started, reaching up to 255.96 and retesting its previous ATH.

📊 Currently, a range box has formed between the 128.66 and 255.96 levels, where the bottom of this box is a very strong PRZ, created from the overlap of a major support zone and the area between the 0.236 and 0.382 Fibonacci levels.

🔍 Also, the price is being supported by the SMA99, which has supported the price twice so far and has prevented the box from breaking to the downside.

⚡️ If you have already bought SOL, you can set your stop-loss if the price closes below this area. A confirmed breakdown could lead to deep corrections toward lower Fibonacci levels.

🛒 For buying this coin, the first trigger is the break of 178.22, which is a bit riskier but offers a good price entry. On the other hand, if the price revisits 128.66 and gives confirmation, we can enter from there.

📈 However, the main trigger for spot entry is the breakout of the 255.96 top. Breaking this level can unlock some very ambitious targets. If that happens, I’ll definitely update the analysis and provide those targets.



📅 Daily timeframe
In this timeframe, we can see the price action in more detail. A small range box has formed between 144.11 and 164.74, and the price is currently stuck below the top of the box and reacting to it.

✨ If 164.74 breaks, we can enter a long position. The next major resistance is 183.54. A breakout above that will serve as the main confirmation for a long position targeting 255.96, which can also be used as a spot trigger.

💥 The RSI oscillator is now above the 50 zone, and if it enters the Overbuy area, it will serve as strong momentum confirmation for this position.

✅ If the price gets rejected from the top, we can also open short positions on lower timeframes. A break below 144.11 will be the main short trigger.

📝 Final Thoughts

This analysis reflects our opinions and is not financial advice.

Share your thoughts in the comments, and don’t forget to share this analysis with your friends! ❤️