Solana testing a critical resistance level

Well we are all hoping for bullish action on the price of cryptocurrency but yet uncertainty still looms as the US election draws ever closer and it remains to be seen the impact it would have on the financial market both crypto and stock alike an crypto enthusiast would hope the results would have positive impact on crypto but it remains to be seen as we await patiently for 5th of November to see how events will unfold.

Btc actually broke out and show some bullishness taking it above $70k price level which was around the level it rose during the February ETF approval news that made altcoins to shortly follow with some bullish action and here again we are seeing same thing BTC above $70k but alt coins seems to be rather quiet curling for a move but then I feel that the result of the US election will majorly factor in this.

Normally this is a bull season year and it is yet to truly begin in a manner worthy of previous bull seasons so regardless of what the election brings will might experience some momentarily downside both at the end of the day we will still have ourselves a bull season but then if the outcome becomes favorable for the market it might just be the beginning of this momentous bull run spoken of in rhymes.

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To that effect I will be looking at the price chart of SolUsdt and what its expected at the time as we are seemingly testing a critical resistance level and we don't really know if we are going to be breaking out of this resistance level of breaking down massively, ordinarily with Bitcoin above $70k we might see that as a sign that the market will soon turn bullish but then it remains to be seen as a major event looms in the corner whether that will be bullish or bearish for the cryptocurrency market.

Ordinarily during time of US election traders for some though as part of their risk management strategy would rather stay off the market till post election because of the uncertainty that comes with it and it's especially for that reason that one can't accurately say what will happen but then as we see on the weekly time frame of SolUsdt we are on a trendline resistance and on the weekly that's the third restest of that level around $174 and we can only hope it break above but am patiently observing what price is doing at that level if it rejects then it would present a nice shorting opportunity in the immediate short term at least provided all criteria is met and if we break out it would signal something of a bullish price action for Solana.

For me though price might just be dull around that level possibly waiting for the US election to either confirm a strong bullish break above or a massive selloff but ofcourse it remains to be seen.

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Then I move down to the daily to confirm if it's in confluence with what is happening on the daily and its all fine and good as we see price have been respecting the trendline resistance level and the price level around $174 is proving difficult for solana to break above with some bearish signs but it's still not quiet clear if market will sell off from that range as we patiently watch for the market to show it hand.

I mean it's only right for a good trader to react to price change than trying to predict one so you won't be left on the wrong side of things when the market begins its intended move and so far we really can't say and on the daily timeframe this time is looking like the 4th restest of the resistance trendline pattern which has been forming for a long time now a break above would surely be bullish but there is no denying that resistance trendline level has proven to be quiet a strong one in the past.

If we break above then it would surely mean something positive for the market as we await US election it might be though that we just reject and the US election would trigger a massive sell of or we can break above then come the election a sell off happens that would drive price to retest the broken level before continuing moving up, I mean this is all speculation until price shows it hand.

screenshot from trading view

In an event we break out though of the $174 level where is price expected to draw to, well that would be at the top of the resistance level price is at the very least expected to get to that level in an event of a bullish break out the top of the trendline resistance is around $210 level and there is a buyside liquidity resting there being a previous old high which means if an event of a bullish breakout which isn't a fakeout we would likely draw to that level and possibly take out the buyside liquidity at $210 by moving even above the $210.

In an event of a break out even if price doesn't completely take out that level it should atleast draw towards the $210 level but ofcourse fingers crossed as we continue to wait to see how things unfold and how the weekly candle closes as that would really show what will happen next week as I believe anything major that will happen will be next after the US election on Monday then the market would truly have chosen a desired path.

So this is my take and what I am looking at as it concerns solUsdt though hopefully btc break above $70k would signal a bullish turn of event but we will see, we are already in Q4 post halving so wouldn't be surprising if a bullish price action begins now.

N/B: This post is for educational purposes and not a financial advise, everyone should do their due diligence before investing in the market