$SOL
The SOL/USD 4-hour chart on Binance indicates a downtrend following a major high at 179.51, where a sharp price rejection occurred. After a brief consolidation phase between 137 and 151, the price faced rejection at 137.88, confirming the continuation of the bearish trend.
Take Profit Levels:
TP1: Positioned around 123, indicating the next immediate support level.
TP2: Around 130, reflecting a possible retracement before further downside.
Stop Loss:
Suggested stop loss above 138 to account for any unexpected bullish reversal beyond the previous rejection zone.
The trend remains bearish, with lower highs and lower lows, indicating that further downside is likely unless a significant retracement occurs.
Trade Setup Summary:
Entry: Potential short positions can be considered below the 125-127 range, aligning with the continuation of the downtrend.