SOLANA TECHNICAL ANALYSIS 🔥🔥
The SOL token is currently hovering around $180, showing signs of consolidation after a period of high volatility. From a technical standpoint, SOL remains above important moving averages such as EMA9 and EMA21, and indicators like RSI and MACD indicate neutral or slightly bullish conditions, with RSI around 54 and a recent bearish crossover of the MACD suggesting caution in the short term.
For a trade, one might consider a long entry around the current price of $180, taking advantage of key support at about $170, which has held multiple times in recent weeks. The stop loss should be placed just below this support level, around $165, to limit losses in case of a breakdown. For take profit targets, two key levels can be considered: a first conservative target at $190-195, where there is short-term resistance, and a more ambitious target at around $210, corresponding to a medium-term technical resistance and a potential new high.
This strategy aims to leverage the bullish strength given by the holding of moving averages. In case of a breakdown of support at $165, the outlook would weaken, and it would be prudent to exit the position to contain losses.
ALWAYS operate with low leverage and always set the stop loss.
