$SOL Short-term trading strategy

📊Market sentiment analysis

There have been a lot of positive reports about Solana (SOL) in the news recently. In particular, the news that Arthur Hayes is investing in SOL-related meme coins has had a positive impact on the market. Some analysts believe that the market showed a positive trend at the end of September and is expected to usher in a bull market in the fourth quarter. However, the news that whales sold a large amount of SOL indicates that there is potential selling pressure.

📈Technical analysis

RSI is close to neutral 44.65 and is not overbought or oversold. The current price is between the top (158.16) and bottom (155.45) of the Bollinger channel, with no obvious fluctuations. The pivot point is 155.78, and the current price is close to the resistance line (R1) 156.48. In the DMI indicator, ADX is 12.44, indicating that the trend is not strong, and -DI is higher than +DI, indicating weakness. MACD is negative, showing a continued downward momentum. In the KDJ indicator, the J value is low, indicating that it has entered a short-term oversold state.

💡 Recommendations and trading strategies

The current technical indicators show that SOL is weak in the near future. Therefore, "short positions" can be considered in the short term. It is recommended that your trading cycle is short-term. The confidence level based on technical indicators is medium, so market fluctuations should be treated with caution. The specific stop-profit and stop-loss prices are difficult to set, and it is recommended to set them flexibly according to market conditions.

The above is only a personal opinion and does not constitute an investment advice! Investment is risky, DYOR!