Solana Analysis, April 21, 2025
Solana on TF M15 shows quite interesting trend dynamics. Initially, there was a strong uptrend, marked by the price continuing to move above the red moving average. However, after reaching its peak, the price began to show signs of weakening by forming lower highs and lower lows, indicating a transition from an uptrend to a sideways to slightly bearish trend. Currently, the price is seen testing the moving average area from above, indicating a battle between buyers and sellers around this area.
Given the current conditions, the best trading approach is to wait for further confirmation before taking a position. There are two scenarios that can be used. Buy on Confirmation if the price manages to stay above 138.00 and a valid bullish candlestick pattern appears, then a buy entry can be made with a target around the resistance of 140.00?140.50. Stop loss can be placed slightly below 137.50 for good risk management.