My analysis on SolUsdt and the next target

I will be taking a close look at SolUsdt and what price has been doin and what I expect price to do next based on current trajectory, it's very true that in recent days Bitcoin has been showing signs of trying to reclaim the 70k high but it hasn't yet and as of today made a $69k high but it remains to be seen if we are going to close October with Bitcoin price resting well above $70k that would surely be good for cryptocurrency in general but ofcourse that remains to be seen.

Ofcourse it is SolUsdt I will be looking into but all too often it's hard to accurately predict or rather for you to have a better chance of analyzing any crypto pair you would really need to always factor in what Bitcoin is doing the market mover and so far Bitcoin is showing signs of resurgence hopefully it continues on this part and then this might yet be a good month for cryptocurrency and the month may live up to it's dubbed uptomber.

My analysis on SolUsdt is majorly on the weekly and on the daily timeframe I will be looking into what it's being doing in these two time frames as often this are the two timeframe that mostly determine the path price will follow depending of what is showing us and so far from the chart Solana seems to be really showing positive signs and there has been green candles formed, be that as it may let's jump right into it.

Screenshot from trading view

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From the first pic above that is the chart pattern of Bitcoin and clearly it is clearly depicting or showing Solana in a pattern and it has already tested the previous support of that trendline pattern and right now it's moving up to restest the previous resistance which has previously been tested twice and the price level this time would be around $180 depending on how long it takes price to get there but the trendline resistance level would really be pivotal as a break above would be really great and could signal a strong and powerful move upside for Solana and we might be going to $250 level.

Now there is a chance that we could get rejected from that level I mean it's the third retest if we get up there and a strong rejection maybe bad for sol price in the short term but ofcourse it remains to be seen what price would do, the bulls ofcourse would be hoping for a strong break above I mean after all we are in Q4 around isn't it time we start seeing some bullish action of what promised to be a bull year.

But it's vital we avoid using feelings when analyzing the chart, the price seems to be moving up nicely but notwithstanding there is a resistant level above let's watch and see what price does when it reaches there if it rejects a good trader knows to short and if it breaks above then one could buy long depending on your trade criteria that is.

Screenshot from trading view

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Then again another look at the weekly timeframe gave a different perspective atleast of where price could be drawing to in the immediate short term as we saw in the pic above on the weekly is worth noting what has been the reaction of price after it came down and was supported by a fair value gap (FvG) on the weekly, the weekly Fvg has since pushed price and we already have a weekly candle close and with it a break above a weekly high which is strong indication of bullishness.

Ofcourse this is another week and is still the start of the week and the market hasn't really shown it's end and it remains to be seen if this week's candle is going to close bullish or bearish ofcourse we watch to see but clearly from evidence and from what we saw after the tap in into the weekly Fvg I would still expect a weekly bullish close or some serious bullish action this week and if that's the case my next target would be on the next draw of liquidity on the weekly that's the next weekly high where buyside is residing comfortably at $194.55 I really believe that is where price is drawing to next, would we break it, I don't know but I clearly see us drawing towards that level and price attempting to take that level which if it does would mean breakout of that weekly trendline pattern but we wait and see nonetheless.

After closing watching the likely scenerio of how things could play out based on what the weekly chart is showing I decided to drop down to the daily timeframe to see if really we are also bullish on the daily and if they are in confluence which would denote a clear intention that market wants to move higher.

Screenshot from trading view

From the pic I shared above of the daily timeframe that is a W pattern or double bottom formed on the daily and a W pattern is a bullish pattern which shows things are following in the same bullish order on the daily timeframe and interestingly enough the double bottom has a neckline at $152.43 and price has already broken the neckline not only broken but retested it and continue moving up higher and already taken out the first high.

With the confirmation of this W pattern which has retested and is moving up towards a designated target is shows me that on the immediate short term atleast that Solana is bullish and we are likely going to see some decent gains for a trader at the very least to make short term profit from and the next target that price is drawing towards on the daily after the break and restest of the double bottom is the next high at $193 which is almost the same thing as the weekly buyside liquidity which means the daily and weekly is aligned in one goal and drawing intently towards the same buyside liquidity ofcourse what could possibly go wrong?

Ofcourse in this market anything is possible any sudden news may see a strong reversal in price but to that end I am looking at some more decent gain in price on SolUsdt, this is my analysis.

N/B: This should not be taken as financial advice as am not a financial advisor and everyone should carry out their due diligence