$SOL /USDT SHORT TRADE SIGNAL: REJECTION FROM KEY RESISTANCE
Technical Analysis:
The SOL/USDT 1h chart shows a clear rejection from the 24h High of 229.72. The price is currently at 225.62, having dropped back below the key moving averages: MA(7) at 227.86, MA(25) at 223.84, and MA(99) at 228.86. The price is currently trading between the MA(25) acting as a crucial short-term support and the MA(7)/MA(99) acting as overhead resistance. The multiple rejections near the 229.72 high, coupled with the price closing below the shorter-term MAs, indicate that sellers are entering the market at higher levels, suggesting a likely continuation of the short-term pullback.
Trade Setup: Short Entry
* Signal: Short Trade Signal
* Entry: Enter on a candle close below the MA(25) to confirm a bearish breakdown.
* Entry Price: 223.50 (Below MA(25) support of 223.84).
* TP (Target 1): 221.70 (Mid-range consolidation support).
* TP (Target 2): 217.30 (Re-test of the 24h Low/Major Support).
* SL (Stop Loss): 228.00 (Just above the MA(7) and MA(99) resistance zone).
Short Outlook of Market:
The immediate market outlook for SOL/USDT is Bearish/Correctionary. The price failed to sustain the move above $229.72 and is now retracing. Sustained pressure below the MA(25) at $223.84 could lead to a deeper correction toward the $217.30 low. A clear reclaim of the $229.72 high would invalidate this short-term bearish outlook.
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