The chart shows $SOL /USDT demonstrating strong bullish momentum, trading at $196.73, up by 5.07%. It has reached a 24-hour high of $197.37, with solid trading volumes. Here's a technical analysis of the current movement:
Analysis
Support Zone: $186.50 acted as strong support, where buyers stepped in to defend.
Resistance Zone: $197.37 is the immediate resistance. A breakout above this level could lead to further upside momentum.
Trend: The consistent higher highs and higher lows signal a strong uptrend.
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Trade Setup
Entry Range: $194–$196 for a potential continuation trade.
Targets:
Target 1: $198.50
Target 2: $205.00
Stop Loss: Below $186 to protect against sudden pullbacks.
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Observation
Watch for increased buying volume to confirm a breakout.
Keep an eye on the MACD and RSI for any signs of overbought conditions before entering new positions.
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Pro Tip: Ensure proper risk management while trading volatile assets like SOL. Stay updated with market news that may influence SOL/USDT.
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