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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