Solana (SOL/USDT) - Market Analysis and Trade Setup
Market Overview: Solana remains fundamentally strong, supported by:
Rising Total Value Locked (TVL).
Strong DEX trading volumes, reaching a 3.3B mark recently (highest since early March).
Growing optimism regarding a potential Solana ETF in Q3-Q4.
Technical Analysis:
SOL is trading inside a major range between $170 (resistance) and $120 (support).
Key level at $144–145 is acting as critical support, backed by liquidity and 7-day VWAP.
Short-term underperformance against Bitcoin suggests a pullback is likely before any move higher.
Immediate Levels:
Fair Value Gap around $148 (could give a temporary bounce).
Major support at $144–145.
Resistance around $165–170.
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Trade Plan
Entry Zone:
Primary Entry: $144–$145
Optional Early Entry (small position): $148 (Fair Value Gap)
Profit Targets (TP):
TP1: $155
TP2: $165
TP3 (Extended Target): $170
Stop Loss (SL):
Below $142 (to protect against deeper drop below key support).
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Summary:
Bullish bias as long as $144 holds.
Expect pullback first to $144–145 area, then potential rally toward $165–170.
If $144 breaks decisively, reassess the bullish setup.
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