The SOL/USD pair trades within a long-term upward channel but remains near its lower boundary. Investors were disappointed by comments from Federal Reserve Chair Jerome Powell, suggesting the Fed might keep interest rates unchanged in December, which prevented the pair from gaining momentum. Prices remain around the middle Bollinger Band line. The key bearish support zone is still seen at 187.50–183.80 (Murray level [4/8], 50.0% Fibonacci correction). A break below this range could push the pair out of the channel, targeting 165.70 (38.2% Fibonacci correction) and 140.62 (Murray level [1/8], 23.6% Fibonacci correction). Conversely, a rebound and consolidation above 218.75 (Murray level [6/8]) would open the way to 250.00 (Murray level [8/8]) and 265.62 (Murray level [+1/8]).
Technical indicators suggest further downside potential: Bollinger Bands and Stochastic are directed downward. On the weekly chart, the pair is testing the middle Bollinger Band line; a breakout below it would confirm the start of a deeper correction.
Support and Resistance Levels
Resistance levels: 218.75, 250.00, 265.62.
Support levels: 183.80, 165.70, 140.62.
Trading Scenarios and SOL/USD Forecast
Short positions can be opened below 183.80 with targets at 165.70 and 140.62, and a stop-loss at 197.00. Implementation period: 5–7 days.
Long positions may be opened above 218.75 with targets at 250.00 and 265.62, and a stop-loss at 200.00.
Scenario
| Timeframe |
Weekly |
| Recommendation |
SELL STOP |
| Entry Point |
183.75 |
| Take Profit |
165.70, 140.62 |
| Stop Loss |
197.00 |
| Key Levels |
140.62, 165.70, 183.80, 218.75, 250.00, 265.62 |
Alternative Scenario
| Recommendation |
BUY STOP |
| Entry Point |
218.80 |
| Take Profit |
250.00, 265.62 |
| Stop Loss |
200.00 |
| Key Levels |
140.62, 165.70, 183.80, 218.75, 250.00, 265.62 |
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