$SOL /USDT Trade Analysis🚀

The chart highlights a sharp upward breakout for $SOL /USDT with increased volume and strong momentum. The price has surged significantly, surpassing key resistance levels and forming a new high.

Long Trade Setup

Entry Point: $236.00 (current level after breakout confirmation)

Take Profit Targets (TP):

TP1: $243.00 (next psychological and resistance level)

TP2: $250.00 (significant round number and expected profit-taking zone)

Stop Loss (SL): $229.00 (below the breakout point and minor support level)

Rationale:

The bullish momentum suggests further upside potential as the price has broken a consolidation zone with significant strength. Target levels align with the next resistance zones.

Short Trade Setup

Entry Point: $234.00 (on rejection from $239.63 high)

Take Profit Targets (TP):

TP1: $225.00 (previous resistance, now acting as support)

TP2: $217.00 (25-period moving average and lower support zone)

Stop Loss (SL): $240.50 (above the recent high to limit risk)

Rationale:

If the price faces rejection near $239.63 and starts forming bearish candles, it could indicate a pullback to retest lower support levels.

Market Sentiment: Bullish, but caution is advised due to potential profit-taking after a sharp rally. Monitor for signs of sustained momentum or rejection near the recent highs. Adjust positions based on volume and candlestick confirmation.#Binance240MUsers #NextMarketMoves #MemecoinWars #SOLWatch