Timeframe: 1D
Context: SOL has been printing lower highs/lows inside a clear descending channel since mid-September. Price is hovering around the channel midline and, in my view, likely to “pop” into the upper boundary before the next leg down.
Primary setup (Short):
Entry zone: Scale in on a rejection of 215–225 (upper channel + prior swing confluence).
Confirmation: Daily close rejection (wick/engulfing), loss of intraday support, or momentum/volume fade.
Stop (invalidation): >232 (conservative: 235) above the upper channel and last LH.
Targets:
T1: 195 (channel midline)
T2: 185
T3: 170 (lower channel)
Trade management: Take partials at T1/T2 and trail to breakeven; aim for ≥2R.
Alternative (bullish breakout):
If we get a daily close >232 with follow-through and 220 holds as support, the short idea is invalidated. Consider a long on retest with:
Targets: 245 → 260 area
Invalidation: Back below 220.
Why this idea:
Well-defined down-sloping channel; prior rally-fades (0.74 and 0.81 swings) show repeated supply near the upper boundary.
Clean risk box with clear invalidation above 232 and asymmetric downside to 170.
Horizon: ~1–3 weeks, depending on when the upper-band retest occurs.
Context: SOL has been printing lower highs/lows inside a clear descending channel since mid-September. Price is hovering around the channel midline and, in my view, likely to “pop” into the upper boundary before the next leg down.
Primary setup (Short):
Entry zone: Scale in on a rejection of 215–225 (upper channel + prior swing confluence).
Confirmation: Daily close rejection (wick/engulfing), loss of intraday support, or momentum/volume fade.
Stop (invalidation): >232 (conservative: 235) above the upper channel and last LH.
Targets:
T1: 195 (channel midline)
T2: 185
T3: 170 (lower channel)
Trade management: Take partials at T1/T2 and trail to breakeven; aim for ≥2R.
Alternative (bullish breakout):
If we get a daily close >232 with follow-through and 220 holds as support, the short idea is invalidated. Consider a long on retest with:
Targets: 245 → 260 area
Invalidation: Back below 220.
Why this idea:
Well-defined down-sloping channel; prior rally-fades (0.74 and 0.81 swings) show repeated supply near the upper boundary.
Clean risk box with clear invalidation above 232 and asymmetric downside to 170.
Horizon: ~1–3 weeks, depending on when the upper-band retest occurs.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.