SOL Technical Analysis 16/05/24: Potential Reversal Signals on 4-Hour Timeframe

Over the past 24 hours, #SOL has experienced a notable 11% increase in price. With the majority of liquidity absorbed from above, a reversal may be imminent.

To continue long positions, a slight correction to the nearest support zone around $159.4 is anticipated. Upon receiving a positive reaction from this level, entry into a long position can be considered, targeting further growth and liquidity collection up to $178.

Alternatively, for short positions, a breakout of the $159 support zone followed by consolidation below it is awaited. Upon confirmation of this movement, a favorable entry point for short positions emerges, with the objective of a deeper decline and liquidity accumulation down to $135.

Traders are advised to closely monitor price action and react accordingly to confirmation signals for both long and short positions.

This analysis emphasizes the importance of considering support and resistance levels, as well as liquidity dynamics, when making trading decisions on #SOL.

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