Hello, traders!
SOL continues the business cycle that began in early 2021.
At the moment, the price is near the bottom of the main trading range of $25.70 to $47.75 and is testing the uptrend.
Though SOL looks stronger than many altcoins, the price's retreat under the MA100 on the daily timeframe shows local weakness.
Therefore, you can look for buying in the range of $20.20 to $25.70 during the correction.
It is also possible to place an insurance order to buy in the range of $11.80-$16.50 in case of sharp sales.
The targets for such purchases will be the price levels of
$37,30
$47,75
$56,15
In order to reduce the risks, it is necessary to break down your entry into the position into several parts. You can also use a long stop loss if you reduce the amount of working money volume in the current trade.
P.S. This is an educational analysis that shall not be considered financial advice
SOL continues the business cycle that began in early 2021.
At the moment, the price is near the bottom of the main trading range of $25.70 to $47.75 and is testing the uptrend.
Though SOL looks stronger than many altcoins, the price's retreat under the MA100 on the daily timeframe shows local weakness.
Therefore, you can look for buying in the range of $20.20 to $25.70 during the correction.
It is also possible to place an insurance order to buy in the range of $11.80-$16.50 in case of sharp sales.
The targets for such purchases will be the price levels of
$37,30
$47,75
$56,15
In order to reduce the risks, it is necessary to break down your entry into the position into several parts. You can also use a long stop loss if you reduce the amount of working money volume in the current trade.
P.S. This is an educational analysis that shall not be considered financial advice