Solana Technical Analysis: Key Insights and Strategies ๐
Current Market Position:
Solana (SOL) has been in a parabolic movement but is currently losing momentum. If the weekly candle closes as it is now, there's a potential for breaking the curved trendline.
Key Support and Resistance Levels:
Critical Support at $100: If Bitcoin continues to drop and the market remains bearish for the next three months, SOL might reach this level.
Immediate Support: Set a stop loss below $136. If this support breaks but turns out to be a false breakout, consider re-entering.
Buying Strategies:
Long-Term Hold:
Buy after a breakout and stabilization above $205.
Alternatively, wait for a reaction at the $100 support level before making a purchase.
Recommendations for Holders:
Stop Loss: Activate your stop loss below $136.
Re-Entry Strategy: If the support break is false, re-buy SOL.
Watch for Bitcoin's Movement: Solana's next significant move might depend on Bitcoin's performance.
๐ If you found this analysis helpful, feel free to like, comment, or share! For more insights, follow #Tradecitypro and #TCP ๐#sol #solana
๐ Categories: Technical Analysis, Risk Management, Long-Term Investment
๐ Stay tuned for further updates as the market evolves, and happy trading!
Solana (SOL) has been in a parabolic movement but is currently losing momentum. If the weekly candle closes as it is now, there's a potential for breaking the curved trendline.
Key Support and Resistance Levels:
Critical Support at $100: If Bitcoin continues to drop and the market remains bearish for the next three months, SOL might reach this level.
Immediate Support: Set a stop loss below $136. If this support breaks but turns out to be a false breakout, consider re-entering.
Buying Strategies:
Long-Term Hold:
Buy after a breakout and stabilization above $205.
Alternatively, wait for a reaction at the $100 support level before making a purchase.
Recommendations for Holders:
Stop Loss: Activate your stop loss below $136.
Re-Entry Strategy: If the support break is false, re-buy SOL.
Watch for Bitcoin's Movement: Solana's next significant move might depend on Bitcoin's performance.
๐ If you found this analysis helpful, feel free to like, comment, or share! For more insights, follow #Tradecitypro and #TCP ๐#sol #solana
๐ Categories: Technical Analysis, Risk Management, Long-Term Investment
๐ Stay tuned for further updates as the market evolves, and happy trading!