Current Price Analysis
Based on the 12-hour chart, Solana ($SOL ) is currently trading around $197.40, having experienced a significant -6.53% decrease. The price has recently been rejected from the resistance around $213.60 and has since been in a clear downtrend, forming a series of lower lows. The overall market momentum appears to be bearish, with the price action indicating a strong sell-off.
SPOT Check: Best Entry
The price action for Solana is currently showing strong bearish momentum. The recent rejection from a key resistance level suggests that the bulls have lost control. While the price is now approaching a potential support area, the overall trend remains downwards. A wait-and-see approach would be prudent until a clear sign of a trend reversal is established.
๐ Suggestion: SELL ๐ด
* Reason: The price has been rejected from a key resistance level, and the momentum is clearly to the downside, indicating that sellers are in control.
FUTURES Setup
Binance offers a Futures contract for Solana ($SOL ). Given the strong bearish signals from the chart, a short position is a logical strategy to capitalize on the current market direction. The price has failed to break above its recent high and is now in a clear downtrend.
๐ Suggestion: SHORT ๐
* Reason: The price is showing a clear bearish reversal from its recent high, with the chart indicating strong downward momentum.
This is not financial advice. DYOR (Do Your Own Research).
Wisdom Note: True discipline is in knowing when to step back, not just when to jump in.
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