Updated Analysis of SOL/USDT $SOL
Observations:
1. Current Price:
The price has sharply dropped to 191.62, a significant decline of 7.14%, breaching the earlier support zone around 200–205.
2. Key Levels:
Resistance: Previous support at 200–205 has turned into a resistance zone.
Support: The next major support lies in the 185–193 range, followed by 160, as indicated by the green zone on chart.
3. Indicators:
The strong bearish momentum suggests continued selling pressure.
The chart shows a Head and Shoulders pattern, confirming a bearish reversal.
The 200 EMA (blue line) is well above the price, indicating a longer-term downtrend.
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Trade Recommendations
Short-Term Strategy:
1. Short Position:
Entry: Around 195–200 (on a retest of broken support).
Stop-Loss: 205 (above resistance).
Take-Profit: 185 (first support) or 160 (major support).
2. Long Position (High Risk):
Wait for confirmation of a bounce from 193–185.
Entry: Near 188.
Stop-Loss: 179.
Take-Profit: 195.
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Current Recommendation:
The trend is strongly bearish. It’s better to avoid longs until price shows clear signs of a reversal or reaches 193–185.
Focus on short setups near resistance (195–200) for safer trades.
