Mr. Santana revealed his target following a buy and sell strategy when prices are rising on a bearish chart. However, the trading expert also identified the $185 and $170 levels as ideal entry points for this premium trade.
Specifically, Alan Santana's target price for this last short #SOL trade starts at $165 and drops to $64. Other important exit levels are $155, $148, $133, $113, $96, $82 and $73, bringing the maximum potential to 378%.
the analysts recommended setting stop losses according to each trader's risk tolerance. They also said that by going short on #Solana , they allocated 4% of their funds to this premium trade.
Alan Santana said that while he is short on Solana, he also buys and goes long on promising #altcoins with bullish charts. In general, he believes that there are hundreds of such opportunities to create long positions, and has shared some of them in recent days.
Mr. Santana also adjusts his trading strategy as soon as SOL returns to a bullish trend.
The market is falling, the charts say it is falling. When the market is falling, buy and hold at support, or LONG, or both.
Looking further ahead, Finbold obtained data on Solana futures from CoinGlass on Oct. 26. Specifically, it examined the open interest (OI) and OI-weighted funding rates for SOL futures.
While open interest reached record levels in March, when SOL/USD peaked before the downtrend began, the weighted funding ratio indicates a fairly balanced market where long positions are prevalent and short selling is slightly favored.
This is why shorting SOL at this stage is a contrarian trade that yields a positive net income.
Interestingly, over the past few months, demand in the Solana market has come mostly from memecoin traders, including both winners and losers; Finbold has told numerous stories about anonymous traders who have made millions of dollars through smart trading and insider trading.
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