🚨 SOL/USDT: Is the Pullback Over or a Deeper Correction Ahead?

Market Outlook: Solana is currently in a period of consolidation after a significant and sustained bullish run. The price recently pushed above the $200 mark but has since faced some selling pressure, with volatility noted around key levels. Longer-term sentiment remains strongly bullish due to high Open Interest and ecosystem developments, but short-term momentum is slowing, and caution is warranted near the current highs.

💡 Futures Trading Plan (Neutral Stance):

🟩 Long Entry Trigger: Look for a sustained, high-volume breakout and candle close ABOVE the $212–$215 resistance zone on a higher timeframe (e.g., 4H or Daily). Alternatively, consider a long entry on a confirmed bounce from the support zone near $200.

💰Targets: $225, $230, and potentially toward the all-time high zone at $295.

🛑Stop Loss: Below the breakout candle's low or below the nearest significant support at $200.

🟥 Short Entry Trigger: Consider a short if the price breaks BELOW the key support level around $200 with a closing candle on a higher timeframe, confirming a bearish move.

💰Targets: $193, $188, and potentially toward the 50-day EMA at $179.

🛑Stop Loss: Above the swing high of the breakdown candle or above the $210 level.

Your Action Plan:

01 - Wait for Confirmation: Do not rush into a trade. Solana is at a critical juncture, and waiting for a clear breakout or breakdown, confirmed by volume and candle closes, is crucial to avoid false signals.

02 - Use a Stop-Loss: Always protect your capital. A stop-loss is essential for managing risk in volatile assets like SOL.

03 - Manage Your Risk: Consider position sizing appropriate for your risk tolerance. Given the mixed signals and recent highs, a conservative approach with lower leverage is advisable.

📢 What are your thoughts?

Vote: Do you think SOL will break out from consolidation to new highs or undergo a deeper correction?

Breakout to New Highs

Deeper Correction

Comment: Share your analysis below!