$SOL /USDT 4H Analysis
Current Price: $188.22 (-4.30%)
Timeframe: 4H Chart
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Key Observations:
Price Action: SOL is in a corrective phase after testing the $200 resistance level, indicating potential short-term bearish momentum.
Support Zone: Strong support is visible near $185, which aligns with recent price consolidations.
Resistance Zone: Immediate resistance stands at $200, with a breakout leading to higher targets.
Trend: Current trend shows a downward pullback within an overall upward trajectory in higher timeframes.
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Trade Recommendations:
1. Long Position:
Entry: $185 (at the support zone or on confirmation of reversal patterns)
Target Levels:
Short-Term: $195
Mid-Term: $200
Extended: $210
Stop Loss: $180 (below the support zone to minimize risks)
2. Short Position:
Entry: $190 (on rejection from resistance or continuation of bearish momentum)
Target Levels:
Short-Term: $185
Mid-Term: $180
Extended: $175
Stop Loss: $195 (above the resistance zone)
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Predictions and Strategy:
A break above $200 could trigger significant bullish momentum, targeting $210 and beyond.
Conversely, failure to hold $185 could lead to a deeper correction toward $175.
Risk Management:
Partial profits are recommended at each target level. Adjust stop losses to breakeven as the trade moves in favor.
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Technical Outlook:
This setup offers both long and short opportunities depending on price action at key levels. Monitor volume and candlestick patterns closely for confirmation.
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