My analysis of the SOLUSDT chart in the 4H time frame

Adapted from Binance

Solana was in a downtrend after finishing an uptrend. To confirm this downtrend, I drew a trend line connecting several resistance levels. There was an obvious down trend. However, the downtrend stopped after reaching a major support level. This support level is significant because the price jumped when it previously got to that level. I was able to confirm this support level by drawing a horizontal line. If you trace the horizontal line, you will see that around the price of $20.72, the price bounced twice, indicating that buyers didn't want the price to fall below that level.

Combining the lines I drew (the trend line and the horizontal line), there was a triangular shape forming. In technical analysis, once a triangular shape forms, you have to watch out for the breakout. In this chart, there was a breakout, and the price went straight up. I was expecting a pull back but it appears the buying force was too strong and it pushed the price straight up. The best place to enter the market would be at the beginning of that breakout. Anyone who placed a buy order would be in profit.

Looking at the chart, the price broke out to a point to which it appears to be facing some sort of resistance. I consulted the daily time frame below to get a better understanding of the set-up.

Adapted from Binance

From the photo above, the price rose up to the critical resistance level as indicated by the upper horizontal line. As a result of this, I predict that the price will go a little lower because sellers will come in and try to reverse the uptrend. I feel that this might be the beginning of a ranging market. In a ranging market, the chart is "W" shaped. The price just keeps bouncing up and down between support and resistance levels.
That is what I predict would happen to the Solana price.

That's my technical analysis of the SOLUSDT chart. Thanks for reading.

Note: This is in no way a financial advice.