Potential SOLANA Long Setup

Solana has had an amazing run from its bear market lows at around $8 to the current 2023-2024 local top at $126.5. SOL has been consolidating in a Bullish Pennant for the past 62 days, holding and bouncing off the 0.382 FIB Retracement level on the measure move from $8 to $126.5, and with BTC posturing for a pump to $54.5K... SOL should follow suit and pump up to create a new local high.

I am loading up a SOL swing trade long here between $100 and $105 SOLANA. The upside targets are the .0382, 05, and 0.618 Fibonacci Trend Based Extension levels on the measured move from $8 to $126.5 to $78.

If BTC sustains a pump to $54.5... SOL should follow behind and meet these areas of interest for take profit levels. The immediate levels of entry at the 0.382 and 0.5 are where I will be taking heavy profits.

ENTRY $100-$106

TAKE PROFIT LEVELS: 0.382 ($123) , 0.5 ($137), 0.618 ($150) Fibonacci Extension Levels Highlighted in White.

STOP LOSS: $99.8 (roughly 6% below entry if you enter at $105-$106)

I recommend moving stop loss to entry once take profit level 1 is hit at $123, to protect profits and working capital.

I am swing trading this position on SPOT with no leverage and no stop loss, if the trade goes against me I will simply hold the SOL longterm and send it to my ledger. I am risking only 1% of my spot trading portfolio.

This setup offers a great risk to reward proposition. Risk 6% to gain 20-50% roughly on the move up, which again, is contingent on BTC moving up to high time frame resistance at $54.5K.

This is not financial Advice. This is an interpretation of my swing long trade setup. A trading journal entry. Mind your own risk.

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