Technical analysis by Edward_Fibonacci about Symbol SOL: Buy recommendation (10/28/2024)

SOLUSDT is currently showing bullish potential on the 4-hour chart. The price is moving within an ascending channel supported by the EMA 34 (around 170.50) and EMA 89 (at 164.70), indicating ongoing bullish momentum. On the upside, a cup and handle pattern is forming, which is typically a strong bullish signal. The retracement zone of the handle aligns with the support zone around 170, solidifying this level as a potential bounce point. If SOL holds above this support level and breaks the resistance trendline, the next upside target could be in the 185–190 range.Trading Strategy: Watch for a possible retracement to the support zone near 170. If the price finds support and consolidates here, it could provide a favorable entry point with a target near the upper trendline at 185 or higher. This setup remains bullish as long as SOLUSDT stays above 170.nice setup