$SOL Update
Current Market Conditions Based on the 15 min Chart
1. Price Movement:
Current price is 218.06 and showing a bearish trend.
Price has broken below support levels like 220, with no strong bullish signs yet.
2. Indicators:
MACD: Bearish crossover with histogram below zero indicates continued bearish momentum.
Stochastic RSI: At oversold levels (12.53) but has not turned upward yet.
Volume: Declining slightly, but sellers still dominate.
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Trade Recommendation
Best Trade Setup: Short (Sell)
Entry: Wait for a slight pullback to 219.5 - 220 before entering a fresh short position.
Target (TP): 216 – this is the next support level and achievable based on the current trend.
Stop-Loss (SL): 221.50 – just above the pullback zone to manage risk.
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If Already in Position
If you are still holding your short trade, you can stay in and aim for the next support zone at 216, but move your SL to 220 to lock in profits.
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Why Wait for Pullback?
Price could bounce slightly before continuing downward. Entering on a pullback improves your risk-to-reward ratio.
Summary:
Best direction: Short (Sell).
Entry: 219.5 - 220
TP: 216
SL: 221.50
If unsure, wait for a clearer signal from Stochastic RSI turning upward or a confirmation of price rejection near 220.
