SOL: Target Achieved! ๐ฅ โ Whatโs Next?
Hello again, Guys! ๐ $SOL has made an impressive move, hitting our earlier target of $160. ๐ฏ It's time for another deep dive into the 1-hour chart to see what lies ahead.
๐ Price Action:
SOL surged to a peak of $161.43 before pulling back to the $157 level, showing signs of slowing momentum. Despite this, it remains above the 50 EMA ($154.87) and the 200 EMA ($148.22), indicating that the uptrend is still intact.๐
๐ Indicators Analysis:
MACD: The MACD line is still above the signal line, but weโre seeing a slight decrease in bullish momentum, with the histogram bars starting to shrink. This suggests that SOL may need a bit of cooling off before making the next big move.
RSI: The RSI stands around 56.68, dropping from the overbought levels earlier. This reset offers fresh room for upside, making it an ideal spot for new entries if you missed out on the previous rally.
๐ก Strategy & Recommendations:
Entry Point: Consider entering at the current level ($157-$158), but be cautious and wait for confirmation around $155 if the price pulls back further. This range aligns with the 50 EMA support and gives you a good risk-to-reward ratio.
Exit Point: Look for profit-taking around $165-$170, as this zone will likely face resistance based on historical price action and the psychological barrier at $170.
๐ป Stop-Loss: Set a tight stop at $150 to safeguard against any potential downside, as a break below this level could invalidate the current bullish structure.
๐ฎ Final Thoughts: SOL is showing resilience, but itโs crucial to monitor how it behaves around $155-$157 in the coming hours. A break above $161 will be the signal for the next rally! Are you ready to ride the wave? ๐ Share your thoughts below!
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