🚨 $SOL Price Update: Bearish Momentum Suggests Short Opportunity Near 208.5–209

Current Price Action:

Price: $208.38The market shows a slight bounce but remains under selling pressure as evidenced by the upper rejection wicks. The previous support level at $213 has been broken, and $210 now acts as minor resistance.

Key Indicators:

Bollinger Bands: Price is below the middle band, signaling weak upside momentum.MACD: A mild bullish crossover, but the histogram remains weak, suggesting lack of strength.Stochastic RSI: Near 95, signaling that the market is overbought and a pullback could occur soon.

Order Book Analysis:

Sell Pressure: Heavy resistance around $208.5–209, with buy orders clustered near $207. A pullback towards $207 seems likely before any strong upward movement.

Trading Strategy

Short Trade Setup (Preferred):

Entry: $208.5–209 (near resistance zone).Stop-Loss: $210.5 (above resistance and Bollinger middle band).Take-Profit: $205 (next strong support level).

Long Trade Setup (Risky):

Entry: If price drops to $205–206 and shows signs of support holding (volume spike or bullish candles).Stop-Loss: $203.5 (below support).Take-Profit: $208.5 (resistance level).

Recommendation:

The market appears overbought in the short-term. Favor a short position around $208.5–209, targeting $205. Avoid long entries until clear support at $205 is confirmed.