Fibonacci Levels Point to $428.42 for SOLUSD
SOLUSD is displaying strong bullish momentum as it breaks out of a consolidation channel (highlighted in green). The price has successfully formed higher highs and higher lows, confirming a robust uptrend.
The EMA Ribbon is fully aligned to the upside, with the price comfortably trading above it, acting as dynamic support. Additionally, the TSI is not only above the 0 level but also recently confirmed a bullish divergence, where the oscillator was falling while the price remained in a range. This divergence indicates a potential explosive upward movement, with room for the TSI to continue its climb.
Using a historical Fibonacci extension, the next major target is 428.42 at the 1.618 extension level. If this target is reached, it would represent an 80% growth from current levels. This projection aligns with previous bullish behavior, as highlighted by the purple candles, suggesting that the current breakout could mimic past price surges. Furthermore, the Signal Builder has recently provided bullish signals in confluence with these factors.
As long as the price remains above the EMA Ribbon and continues to print higher highs, SOLUSD is poised for further upside.
👨🏻💻💭 Are you ready to ride this bullish wave?
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