Hey Binance Square family! š
Solana (SOL) is currently trading at $170.74, reflecting a slight uptick of +0.74% over the past 24 hours. Let's dive into the technical setup that suggests a potential bullish breakout.
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š Technical Overview
Falling Wedge Pattern: A classic bullish continuation setup is forming on the weekly chart, indicating a potential breakout to the upside.
Exponential Moving Averages (EMAs): The alignment of the 20-day, 50-day, and 200-day EMAs across multiple timeframes supports a bullish trend.
Relative Strength Index (RSI): The RSI is holding above 50 on the daily chart, suggesting sustained upward momentum.
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šÆ Trade Plan
Entry: Consider entering around $170.17, aligning with the daily 20-EMA.
Stop-Loss: Place a stop-loss below the weekly 20-EMA at $162.80 to manage risk.
Target Zones:
First Resistance: $179ā$180
Primary Target: $190ā$200 (measured move from the wedge breakout)
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ā ļø Disclaimer
This analysis is for informational purposes only and does not constitute financial advice. Always conduct your own research and consult with a financial advisor before making trading decisions.
Happy trading! š
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