SOL/USDT hit $171 and then fell back. What should traders do next?
Solana (SOL) just hit a high of $171.76, but now it is starting to fall back a bit. If you don’t know what to do next, take a look at these simple strategies below.
What’s the market like now?
The stochastic RSI has soared to 83.70, which means that SOL has been overbought and the correction period has begun.
The 6-day RSI has also reached 70.96, which still shows that it has been overbought and may have to fall again.
The OBV (on-balance volume) doesn’t look good either, which means that some people have started to sell and cash out.
What should I do with SOL?
The price has touched $171 and is now falling back. If the price still doesn’t go up, it’s good to sell it now to make some profit. When the price reaches about $166 to $170, you can consider selling some stocks, especially when you feel that the momentum is not good.
What should newbies who want to buy SOL do?
Wait a little longer and find a good time to enter. If the price falls back, you can see when it is about $150 to $155, or if it falls a little more, the support at $140 is stronger.
What to do in the future?
SOL has risen sharply before, but it is now falling back. Wait until you see signs of price recovery before you act, and then buy some stocks at the key support level, so that you can make money in the long run.
In short, be patient and find the right time to act!
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