This chart displays the price movement of $SOL

SOL/USDT on Binance. Here's an analysis:

Observations:

  1. Price Growth: $SOL is up by 6.02% in 24 hours, trading at $186.39.

  2. Support Level: Strong support near $168.88, where the price rebounded recently.

  3. Resistance Level: The immediate resistance is at $190.11, with a stronger resistance around $199.57.

  4. Long-Term Trend: The 90-day and 1-year gains of 20.19% and 87.90%, respectively, indicate a solid long-term trend.

Trading Strategy:

For Short-Term Traders:

  • Entry Point: If SOL breaks above $190 with high volume, it may rally toward $195 or $199.

  • Stop Loss: Place a stop loss below $180 to minimize losses in case of a reversal.

  • Sell Option: If the price faces resistance near $190, consider short trades targeting $180.

For Long-Term Traders:

  • Accumulate: Use dips around $174–$180 to accumulate $SOL for long-term gains.

  • Target: Expect potential levels above $200 in the coming weeks if bullish momentum sustains.

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