In recent weeks, the cryptocurrency market has shown a significant downward trend, affecting leading tokens like #SolanaStrong and #EthereumTurns10
Here we present a simple technical analysis to help you make informed decisions during this phase.
Solana (SOL)#SolanaStrong
Solana has experienced a significant correction influenced by the overall market volatility. It is essential to identify key levels to manage risks:
Main supports:
$20: historical level where the price usually finds buyers and bounces.
$16: secondary support, whose break could accelerate the decline.
Resistance:
Between $25 and $27, zone where SOL has faced selling pressure.
Recommendations for SOL
If you have long positions, place a stop loss just below the $20 support to limit losses.
Wait for confirmation of a bounce through increased volume and bullish candles before opening new positions.
For short positions, consider opening them if the price consistently closes below $20, confirming the break of support.
Ethereum (ETH)#EthereumTurns10
Ethereum continues to show volatility amid significant changes related to its upgrade to Ethereum 2.0. Staying alert to technical levels is key:
Important supports:
$1,700 to $1,800: key level to detect possible support.
$1,600: strong support, whose break may indicate a greater decline.
Resistance:
Between $1,900 and $2,000, consolidation zone and selling pressure.
Recommendations for ETH
Place a stop loss just below the $1,700 support to protect your capital.
Watch for increases in buying volume to confirm possible bounces.
For short positions, wait for weekly closes below supports to validate the strategy.
General advice for bear markets
Always use stop loss to minimize risks and protect your investments.
Stay calm and avoid impulsive decisions based on emotions.
Analyze different time frames (daily, weekly) before taking positions.
Consider staggered purchases during declines if you believe in the long-term strength of the project.
I hope this analysis helps you make safer decisions in this volatile market. Always remember to do your own research and adjust your strategies according to your risk profile.