$SOL LATEST TECHNICAL ANALYSIS

Current Price: Around $124.71 USDT.

Pattern: A clear descending channel, marked by the upper and lower trendlines, indicating a continuation of the bearish movement.Resistance: The upper boundary of the channel, around $130.00 USDT, serves as the resistance zone where the price has consistently been rejected.Breakdown and Trade

Setup

Bearish Structure: Solana is moving within a well-defined descending channel, where the price is trending lower. The current movement suggests that the price could head toward the lower boundary of the channel.

Short Trade Setup:

Entry: A short trade could be initiated if the price continues its downward movement and breaks below $124.00 USDT, confirming further downside potential.Target:Take-Profit (TP1): The immediate target is around $120.00 USDT, which is close to the lower boundary of the channel and a key support zone.

Stop Loss: Placed above $130.00 USDT, just outside the upper boundary of the channel, to protect against a potential breakout reversal.

Target Levels:

First Take-Profit (TP): $120.00 USDT, as marked on the chart, is the lower boundary of the descending channel, and this is the likely level where Solana could find support.

Descending Channel Analysis: The price has consistently followed the channel, bouncing between the upper and lower trendlines. The next move within the channel points toward a bearish continuation unless a breakout occurs above the channel.

Summary of Trade Setup

Short Trade:Entry: Below $124.00 USDT.Stop Loss: Above $130.00 USDT.Take-Profit (TP1): $120.00 USDT.

This setup anticipates that the bearish momentum will continue, pushing SOL/USDT toward the lower boundary of the descending channel. Always ensure proper risk management with a stop-loss in place above the resistance zone to minimize risks.

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