Technical analysis by Trader408 about Symbol SOL: Buy recommendation (6/29/2025)

📈 SOL/USDT Long-Term Setup: Potential for 100%+ Upside or 16% Downside This chart presents a Fibonacci-based technical outlook on Solana (SOL/USDT) on the daily timeframe. 🔍 Key Highlights: Current price: $150.65 Major resistance zones: $177.12, $183.22, and $199.05 Fibonacci retracement levels (from $294.75 high): 0.618 at $171.32 0.5 at $200.08 0.382 at $222.42 Strong support at $137.97, $131.16, and $122.56 Downside risk to $126.99 (0.886 Fib) or even $105.40 (1 Fib) Bullish target: $301.64 (+105.25%) Bearish scenario: $126.99 or lower (-16.53%) 📊 The chart includes harmonic structures and descending/ascending channels suggesting consolidation, but the current structure could pivot into a bullish continuation if key resistances are broken. 🎯 Risk-to-Reward Ratio Favorable for Bulls: The setup offers a potential 105% upside against a 16% downside, making it attractive for medium- to long-term traders. ⚠️ As always, manage your risk appropriately and consider macroeconomic factors.