SOL → Which Way Solana? Let's Answer That Question With a Chart.

Solana is at a crucial decision point; fail to break resistance or rocket to the next level? Right now it's failing to get back into the bull channel, but hasn't yet broken to the downside.

How do we trade this?
If you're not already in a trade, wait to enter one! For a long, we need a test of Support at the 30EMA, or a break of the Previous Resistance line followed by a support test and confirmation. To short, we need a failed breakout attempt of Previous Resistance and preferably, a confirmation bear candle closing on or near its low below the 30EMA.

Until then, let's see where the price action goes. FOMO (Fear of Missing Out) is your worst enemy. You're making more money by not falling for the seduction of market profit.


Trade Idea

Short Entry: $48.00
Stop Loss: $54.15
Take Profit: $35.70
Risk/Reward Ratio: 1:2

Long Entry: $73.00
Stop Loss: $107.00
Take Profit: $61.65
Risk/Reward Ratio: 1:3


Key Takeaways

1. Bull Channel, Bias to Long.
2. Bear Breakout, Watch for Sell Signal.
3. Still Above 30EMA, Watch for Support.
4. Do not Long until we break Previous Resistance.
5. RSI at 61.00, below Moving Average. Supports Short.


You are solely responsible for your trades, trade at your own risk!

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