The price is sitting around 130.34, and it's really close to that 130.09 level, which is the 24h low. The EMAs (those moving averages at 131.40, 131.73, and 132.15) are acting like a ceiling right now – SOL can't seem to break above them. So, things are still looking pretty bearish.
Now, let’s talk about BTC. It’s not helping the situation at all. BTC is also dropping, and we both know that when Bitcoin falls, it usually drags altcoins like SOL down with it. If Bitcoin continues to drop, SOL is probably going to see more pressure.
Here's what I'd do:
1. Long Position:
I wouldn't go long right now at 130.34. The price is right at that 130.09 support, but it looks like it could break. If that happens, SOL could drop down to 128 or even 125.
If you're looking to long, wait for SOL to hit around 127.5-128. That’s a stronger support area, and it gives you a better chance to catch a bounce. But make sure to keep an eye on BTC – if it keeps tanking, SOL will probably keep falling too.
2. Shorting SOL:
If you're thinking about shorting, this could be a good moment. If SOL breaks below 130, there's a decent chance it'll drop to 128 or 125. That’s where I’d be looking to take profits if I were shorting.
Set a stop-loss around 132 just in case it reverses on you.
What to Watch:
Support Levels: Keep your eyes on 130.09. If that breaks, look for 128 and 125 as the next targets.
Resistance: Right now, SOL needs to get above 131.40-132.15 (the EMAs) for any real chance of recovery. If it can’t, the downtrend will likely continue.
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