Current price action analysis for Solana(SOL)
In the short term, the Sol Price movement tends to weaken, but in the medium term the performance of the support level at $143.8 and the breakout trend at $153.4 should be followed, as this will determine the future trend.
Important price range:
- The main point of the breakout: $153.4 (a breakout of this point will turn the market into a bull market)
- Key support level: $146.5 to $143.5 (if broken, it may fall further to $138)
- Resistance position: $150.5 and $153.4
Trading tips:
Short selling strategy (current price movement $148.3):
- Timing of entry: it met resistance near $150.5 and retreated, while the RSI was below 50
- Target price: look first at $143.8 and then at $138.
- Risk control: stop loss when the daily close is above $153.4
Buying strategy (you need to wait patiently):
- Conservative entry: monitoring of stabilization signals with a decrease in volume in the range of 143.8-146.5
- Active entry: wait for an effective breakout at 153.4 and follow the trend
- Risk control: stop loss when the price drops below$140
Waiting tip: If the price movement continues in the range between 147-152 dollars, it is advisable to wait until the results of the FOMC meeting before making a decision.
Market stimulating factors:
- Possible negative factors: the US Federal Open Market Committee's policy leaning towards tightening or worsening geopolitical situations in the Middle East may accelerate the test of support for $143.8
- Possible positive factors: expectations of a rising ETF or an increase in trading volume may exceed $153.4, which may lead to the start of a retracement movement.
Summing up, investors should focus on two main levels: maintaining $143.8 may lead to a rebound opportunity, but if it falls below it, the market will remain in a sell position; while a break of $153.4 confirms the strength to switch to buying, and the continuation of long positions can be considered.
