$SOL
/USDT Technical Analysis & Trade Strategy๐ฏ๐
Current Market Conditions
Price: $218.02
Trend: Bearish (price below SAR and Bollinger Bands' lower band).
Volatility: High (price trading outside Bollinger Bands).
Support Level: $215.73 (recent low).
Resistance Levels: $224.44 (Bollinger Middle Band), $227.88 (Upper Band).
Trade Strategy
1. Entry Strategy
Buy Entry:
Enter near $215.50โ$216.00, close to the recent low, ensuring minimal downside risk.
Use a tight stop-loss to limit risks if the price breaches $215.
2. Stop-Loss Placement
Place the stop-loss at $213.00, slightly below the recent low to account for volatility.
3. Target Keys ๐ฏ
1. Target 1 (Short-term): $224.00
This aligns with the Bollinger Middle Band and acts as the first resistance level.
Risk/Reward Ratio: Favorable for quick trades.
2. Target 2 (Mid-term): $227.00โ$228.00
The Bollinger Upper Band suggests a strong resistance zone.
3. Target 3 (Long-term): $230.50
Reaching the 24-hour high could signal trend reversal confirmation.
Indicators Supporting Strategy
Bollinger Bands: Oversold condition supports a potential bounce.
SAR: Downtrend signal still active, so monitor for reversal before aggressive buying.
Alternative Scenario
If price breaches $215, expect further downside to $210, with increased bearish momentum. Avoid trades until stability or reversal signals appear.