Solana ($SOL /USD) Trade Plan – Long Position

Entry: 124

Stop Loss (SL): 118

Take Profit (TP): 130

Risk/Reward Ratio: 1:1

Trade Rationale:

Trend: SOL has broken below a rising trend channel, suggesting a slowdown in the upward momentum or a shift to horizontal movement.

Technical Pattern: A double top breakdown at 178 signals a bearish move, with downside potential to 118 or lower.

Support & Resistance:

Marginal support break at 125, meaning further decline is possible if the break holds.

118 is a critical support level.

If price stabilizes above 124, a short-term bounce to 130 is possible.

Strategy:

Enter a long position at 124, aiming for a corrective bounce.

SL at 118 to limit downside risk if bearish momentum continues.

TP at 130 to capture potential short-term recovery.

Risk Management:

Keep position size appropriate to risk tolerance.

Watch for confirmation of support holding at 124 before entry.

If SOL breaks below 118, re-evaluate for a potential short trade.

Would you like to adjust levels or explore alternative trade setups?

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