$SOL Update
Current Market Conditions (Based on the Chart)
1. Price Action:
Current price: 215.10
Price is attempting to stabilize but still moving within a downward trend.
Support around 213, while resistance lies near 216.5.
2. Indicators:
Bollinger Bands: Price is near the lower band, indicating a potential oversold condition.
MACD: Bearish but flattening, showing weakening bearish momentum.
Stochastic RSI: At 70.7, nearing overbought territory, signaling limited upside potential.
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Trade Setup
Short Setup (Preferred Direction)
Entry: Wait for a rejection around 216.5 - 217 (resistance zone).
Stop-Loss (SL): 218.5 (above recent highs for safety).
Target (TP): 213 (previous support level) or extend to 212.
Alternative Long Setup (Riskier)
Entry: If price holds 213 support and shows bullish candles with volume.
Stop-Loss (SL): 212 (below support).
Target (TP): 216.5 (resistance). and 219 ( resistance)
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Recommendation
Primary Trade: Wait for a short opportunity around 216.5, targeting 213.
Secondary Option: If strong support forms at 213, attempt a quick long trade to 219.
Avoid trading until a clear price rejection or breakout confirms direction.
