SOL analysis: potential entry and exit points

Hi guys! Let’s take a look at $SOL . It is currently around $127. Let's analyse the chart to see where it could go next.

📊Daily chart overview:

SOL is still consolidating, currently trading near $127. This could be a key area of support, with the price below both the 25-day and 99-day EMAs, signaling a downtrend in the short to medium term.

EMA 25 is around $130, while EMA 99 is higher at $147, so overall momentum is bearish. SOL needs to reclaim the $130 level for a significant bullish reversal.

💡 Indicators:

The MACD histogram is in the red, with the signal line above the MACD line, showing bearish momentum. But the MACD lines are getting closer, so a bullish crossover may happen soon. Watch for that shift!

The RSI is around 42, indicating that SOL is close to being oversold but still has room to drop below 30. There could be a bounce in the 30-35 zone, so keep this on your radar.

📈 Trading volume is low at the moment. Watch for a volume surge as an indication of a stronger trend change.

🚀 Strategy & Recommendations:

Entry Point: Potential entry around $120-$125, as this could act as a support zone in line with previous price action and the nearing oversold RSI levels.

Exit Point: If SOL manages to reclaim $130 and break past EMA 25, the next resistance lies at $147 (EMA 99). A good profit-taking zone would be around the $145-$150 range.

🔻 Stop-Loss: If you enter around $120-$125, place a tight stop around $115 to minimize risk, especially if the current support fails.

🔍 The coming days are crucial for SOL. Keep an eye on that MACD crossover and RSI nearing oversold levels. This could provide an exciting entry point for short-term gains if the market becomes bullish.

This is not financial advice. Do your own research, always trade with caution and plan your exits! 📉

What’s your take on SOL’s next move? Comment below and let’s discuss! 👇

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