Technical analysis by kakola about Symbol SOL: Sell recommendation (5/10/2024)

SOL is currently exhibiting signs of bearish continuation after failing to break above key resistance. We see a possible double bottom forming around the current price level, indicating a potential test of support at $115. Price action has been consolidating after a recent decline, potentially forming a double bottom pattern. Fibonacci retracement levels (not shown, but recommended to add to your chart) suggest a measured downside target near $115. The failure to break above resistance indicates continued weakness in the market. Risk/Reward: The potential reward-to-risk ratio favors a short position, with a target of $115 and a stop-loss placed slightly above the recent resistance level. Then hey, if we're lucky, up to $340.