Hello Binance Square family! 👋
Solana (SOL) is currently trading at $170.74, reflecting a slight increase of +0.74% over the past 24 hours. Let's delve into the technical setup indicating a potential bullish breakout.
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📊 General Technical Overview
Descending wedge pattern: A classic bullish continuation setup is forming on the weekly chart, suggesting a potential bullish breakout.
Exponential Moving Averages (EMAs): Support the alignment of the 20-day, 50-day, and 200-day moving averages across multiple timeframes in a bullish trend.
Relative Strength Index (RSI): The RSI remains above 50 on the daily chart, indicating ongoing bullish momentum.
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🎯 Trading Plan
Entry: Consider entering around $170.17, aligned with the 20-day exponential moving average.
Stop loss: Place a stop loss below the 20-week exponential moving average at $162.80 to manage risk.
Target areas:
First resistance: $179–180
Primary target: $190–200 (Measured move from the breakout of the wedge)
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⚠️ Disclaimer
This analysis is for informational purposes only and does not constitute financial advice. You should always do your own research and consult a financial advisor before making trading decisions.
Happy trading! 📈
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