$SOL Friends, this is not the right time to take a fresh long position in SOLANA as a parallel channel is forming.
Technical chart:
- The price is moving within a descending parallel channel (white trendlines).
- The price is bouncing between the upper resistance and lower support of this channel.
Trading Strategy Indicated:
- Fresh Short Position (Red Arrow):The upper white trendline acts as resistance. This suggests traders should consider taking a short position (betting on a price drop) when the price touches this level.
- Long Position (Green Arrow):The lower white trendline acts as support. This suggests traders could consider a long position (buying opportunity) when the price reaches this level.
Current Price Action:
Solana is trading near $240.69, moving upwards but still inside the descending channel. If it approaches the upper resistance (~$245-$250), it may face selling pressure. If it drops to support (~$200-$210), it could be a buying opportunity.
Final Trading Advice:
š Consider a short position near $252-$258 if price rejects resistance.
š Look for long positions near $200-$210 for a safer entry.
ā ļø Avoid long trades now unless there is a breakout above $260.#SOLETFsOnTheHorizon
