Hello Binance Square Families! 👋
The Solana (SOL) stock shows strong bullish signals on the 30-minute chart, indicating the likelihood of surpassing the $200 level. The stock is currently trading at around $174.53 and has shown resilience and upward momentum in recent sessions.
🔍 Technical Overview:
Symmetrical Triangle Formation: SOL has been consolidating within a symmetrical triangle, indicating a potential breakout.
Fibonacci Convergence: Multiple Fibonacci levels are present between $175.70 and $177.30, forming a strong support area.
Fair Value Gap (FVG) and Order Blocks: The price has reclaimed the highlighted FVG area, indicating institutional interest.
📈 Trading Settings:
Entry Area: $175.70 - $177.30
Stop Loss: Below $168.00
Take Profit Targets:
TP1: $184.00
TP2: $205.06
TP3: $211.85
💡 Market Sentiment:
The convergence of technical indicators, including Fibonacci levels, FVG, and order blocks, indicates bullish expectations for the price of SOL. If Bitcoin maintains its upward momentum and the price of SOL stays above $175, it is likely to continue into the mid-80s, with the potential to reach the psychological level exceeding $200.
⚠️ Risk Management:
As always, do your own research and consider your risk tolerance before making trading decisions. Use appropriate risk management strategies, including setting stop-loss orders and determining position sizes, to protect your capital.
Happy Trading! 📈
