This chart illustrates the price action of **SOL/USDT** on a 4-hour timeframe, with the following key insights: TradeWithMky More than 91% winrate live in tradingview
### 1. **Price Action**: - SOL is currently trading around **$147**, following a bounce from the lower levels near **$132-136**, with recent upward movement supported by an ascending trendline. - However, price is showing signs of a potential stall or reversal at current levels.
### 2. **Fair Value Gaps (FVG)**: - **4-hour FVG and Daily FVG**: The red shaded areas between **$148-$154** indicate a resistance zone where the price may encounter selling pressure. - The price has been rejected within this zone, and we see wicks (upper shadows) indicating that buyers are losing momentum in this region.
### 3. **Projected Price Movement**: - The **green arrow** suggests a possible short-term push higher towards the upper part of the resistance (near $152) before encountering heavy selling pressure. - The **red arrow** indicates a projected bearish reversal after hitting the resistance zone. The price is expected to break below the ascending trendline and head lower, potentially targeting the **$136-$132** support area.
### 4. **Support and Resistance**: - **Resistance**: The zone between **$148 and $154** is a strong resistance area due to overlapping FVG zones. - **Support**: There’s a clear support zone around **$132-$136**, which could be tested if the price breaks down.
### 5. **Market Sentiment**: - The price action suggests a **bearish bias**. Despite the current upward trend, there are signs of weakness as SOL struggles with the resistance zone. A break below the ascending trendline would further confirm a downward move towards lower support levels.
This analysis suggests that SOL is facing strong resistance around $148-$154, and a pullback towards $132-$136 may be likely.