🪙💡Analysis of the current Solana price. Where is it heading? Update: SOL/USDT (4-hour chart)

1. Price movement:
The price has broken through the resistance level at 190 USDT and is showing a clear upward momentum.

The next significant resistance is at 200-208 USDT (psychological mark and SMA 50).

2. RSI indicator:
The RSI is at 57.46, indicating a healthy upward movement without the market being overbought. There is still room for further price gains.

3. Volume:
The volume has increased slightly but remains moderate. This indicates increasing buying interest, but a significantly higher volume would be desirable to confirm the movement.

4. SMA 50 (199,02 USDT):
The SMA 50 is currently being tested. A breakthrough above this level would be a strong signal for a continuation of the upward movement.
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Forecast:

1. Bullish scenario:
A breakthrough above 200 USDT with increasing volume could quickly push the price towards 220 USDT.

The next target after a breakthrough would be the zone around 220-240 USDT.

2. Bearish scenario:
If the price does not sustainably break through the SMA 50 (199 USDT), there could be a pullback to 190 USDT before a new attempt is made to move higher.
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Recommendation:

1. Long-Position:
My long order at 191 USDT was a good entry. As long as the price stays above 190 USDT, the bullish scenario remains intact.

I am considering tightening my stop loss to 190 USDT to secure profits.

2. Take-Profit:
TP1: 200-208 USDT (next resistance).
TP2: 220-240 USDT (extended targets, depending on volume and momentum).

3. Watch volume:
If the volume surges strongly above 200 USDT upon a breakthrough, it indicates a sustainable movement. Without volume, it could be a false breakout.
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Result:
The move above 190 USDT was a bullish signal, and the price continues to look strong. A breakthrough above 200 USDT would confirm the upward movement. I consider the continuation of the recovery to 220 USDT very likely as long as the price remains above 190 USDT. 😊

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