$SOL : Don't rush in yet, wait for a retest before entering!
SOL currently shows signs of a short-term increase, but I think it's better not to blindly chase the highs. Wait until it cleanly retests the support level before making a tentative buy.
Currently, the price of SOL is around $202, and it has a considerable market cap with a high trading volume.
At the moment, funds are flowing into Bitcoin and some large altcoins. However, Solana has infrastructure upgrades and listing events, and the momentum is quite strong.
In the short term, I am bullish on SOL, but if it rises too quickly, it could easily pull back.
The support level is in the range of $176 - $185. If the price can return to this area, it would be a good entry opportunity; the resistance level is at $207 - $215. To break through this resistance, there must be sufficient trading volume.
Pay close attention to the RSI and trading volume; if there's weakness or divergence, be cautious.
The network and upgrades for Solana are continuously improving, like increasing block capacity, as well as Agave and Firedancer roadmap initiatives, which enhance its throughput and resilience. This is beneficial for long-term activities on the chain.
Currently, there are about 540 million SOL in circulation, and staking and inflation conditions will still affect supply pressure.
Interest in SOL from both social and market perspectives has increased, which is a good thing. But also be aware, if there's a FOMO sentiment or short-term profit-taking near the resistance level, that would be a dangerous signal.
Once the SOL price successfully retests the support level of $176 - $185, establish a small position first.
Only when the price breaks $207 and trading volume confirms the breakout as effective should you consider expanding the position.
Set the stop-loss point below the structural support level, such as in the range of $165 - $170.
TP1: Sell a portion near $215 - $230 to secure some profits;
TP2: If the upward momentum can continue, further expand the profit target to $250.
If the price reaches the resistance level but trading volume decreases, or if the RSI shows clear divergence, then hurry and exit, don’t hesitate.
I will share specific operational strategies next in the internal group. If you want to catch the bottom on mainstream assets but don’t know how, or if you’re unsure when to ambush altcoins? Then you better follow the steps of the cat god!!!
