$SOL Potential for Short-Term Bounce Amid Bearish Pressure

$SOL is in a clear bearish trend, the short-term indicators show some signs of oversold conditions, particularly with low RSI values, which could lead to a temporary rebound. However, the longer-term indicators on the daily chart continue to signal strong bearish momentum, as evidenced by the negative MACD and the widening Bollinger Bands. The daily SAR at $160.14 also shows that the downtrend remains firmly in place, suggesting that traders should be cautious with long positions.

A potential entry point could be around $125.00, targeting a recovery to $127.50, with a stop-loss placed at $124.80.

Long-term traders could consider entering around $123.50, targeting $130.00 in the event of a broader market recovery, with a stop-loss placed at $123.00.

A break below $124.50 would signal further downside, potentially testing the key support at $123.50 in the daily timeframe.

Traders should maintain smaller positions in the short term and widen stop-loss levels in the event of a sharp price movement.

**Note: All timeframes and indicator readings are as per the time of this post. Exercise due diligence before taking positions.

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