$SOL SOL/USDt Full H1 Analysis#
1. Identifiable Bullish Patterns
Breakout of a descending channel: The price broke out of a descending channel (yellow lines), breaking up with an impulsive candle. This suggests strength from the buyers.
Retest of the breakout: After the breakout, the price is currently retesting the upper part of the channel (dynamic support at around 220 USDT). If it holds, there could be further bullish movement.
---
2. Harmonic Patterns
No clearly defined harmonic pattern. However, the bullish impulse combined with the retest of the resistance can evolve into an ABCD pattern, with a potential completion towards 225-227 USDT.
---
3. Candlestick Pattern
Impulsive and Indecision Candles: After the breakout, there was a strong green candle followed by an indecision candle with a narrow body, signaling a potential retest.
Downward Rejection: The long lower shadow shows that buyers are defending the 220 USDT level.
---
4. Chart Patterns
Continuation Pattern:
The breakout of the descending channel is a clear image of bullish continuation.
The price is now consolidating above the breakout.
Continuation: If the price holds the key level (220 USDT), we expect a new upward impulse.
---
5. Volume Analysis
Volumes increase during the breakout: The candle that broke the resistance is accompanied by a strong increase in volumes, signaling buyers participation.
Retest volumes down: During the return to 220 USDT, volumes decreased, which indicates that the bearish movement is weak and could end soon.
What to expect: An increase in volumes in the event of a rebound from support will confirm the resumption of the bullish trend.
6. RSI (Relative Strength Index)
Current value: RSI at 50.43, very close to the neutral level.
Interpretation: The price is neither overbought (70) nor oversold (30).
