#MarketPullback
Based on the current market data, Solana (SOL) is trading at $189.13.
Given our rules and risk management approach, here's a potential trade setup:
Trade Setup
- *First Entry:* Consider entering a long position with 2% of your wallet at the current price of $189.13.
- *Second Entry:* If the price dumps further to $171, consider adding to your position with another 1-2% of your wallet, depending on your risk tolerance and overall portfolio allocation.
Risk Management
- *Stop Loss:* Set a stop loss below the recent swing low or a key support level to limit potential losses.
A possible stop loss could be around $160-$165, considering the recent price movements and support levels.
- *Position Sizing:* Allocate 1-2% of your total capital to each trade, ensuring you're not over-exposed to market volatility.
- *DCA (Dollar-Cost Averaging) for Holders:* If you're a long-term holder, consider averaging down your position if the price drops to $171, but prioritize setting stop losses to manage risk.
Key Levels to Watch:
- *Support:* $171 (potential second entry point), $160-$165 (potential stop loss level)
- *Resistance:* $200 (previous resistance level and potential target)
Keep in mind that the cryptocurrency market is highly volatile, and prices can fluctuate rapidly. Prioritize risk management and adjust your strategy according to changing market conditions.
