$SOL Guide For a Long/Short Trade 💸🚀
1. SOL saw a good pump into the $180 area but then spent the last 2 weeks retracing into
previous range highs, which we are about to hit. I do believe that a retest around $158
will present a good opportunity for longs.
2. SOL has formed a very nice wedge here, I would like to see a retest of previous range
highs and then a breakout of this wedge.
💸 For a long position, look for a retest of $158. A successful retest would confirm a
continuation of the recent uptrend and price will move towards $170 and $182. With the
wedge in the way, SOL does look really good for a continuation.
In the long run, this retracement is a solid pullback to confirm a continuation for SOL to
move up towards its ATH of $260. We may set a consolidation range before that
breakout
💸 For a short this week, look for price to return under $158. This could invalidate the recent
breakout, and the breakdown of $158 could reach these levels at $152 and $145.
5. Ultimately, I believe SOL is on the right track to recovery, with on chain data looking
positive again. We will see how this ends up playing out this quarter. The first breakouts
will be important to lead price in the right direction.
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