Technical Analysis Report: $SOL /USDT
Current Price: $137.00 USDT
Key Observations:
The SOL/USDT pair is currently experiencing consolidation after a significant price increase that peaked at $161.78.
The chart displays a strong support level at around $127.07, marked by the recent low.
Resistance is forming near the $150.00 area, suggesting potential pressure from sellers.
Trading Strategy:
Long Trade:
Entry Point: Consider entering above the recent minor resistance at $140.00, as this indicates further bullish momentum.
Targets:
Target 1: $145.00 - Near-term psychological resistance.
Target 2: $150.00 - Previous high resistance, significant due to recent rejections.
Target 3: $155.00 - Stretch target, in case of extended bullish momentum.
Stop Loss: $132.00 - Just below the recent consolidation zone to minimize potential downside.
Short Trade:
Entry Point: Enter below $132.00, if the price breaks below this level as it may signal a rejection of the upward trend.
Targets:
Target 1 Short: $128.00 - Near-term support level.
Target 2 Short: $125.00 - Psychological support and potential bounce area.
Target 3 Short: $120.00 - In case of a bearish momentum extension.
Stop Loss: $140.00 - Above the recent minor resistance to allow for market fluctuations.
