đ SOL/USDT - Testing Key Support Zones đ
SOL/USDT is currently facing a significant downturn, trading at $137.017, after failing to maintain higher levels. The price action has recently seen a drop from a high of $161.761, moving below several critical supports.
đ„ Key Observations:
Bearish OBs: Notable resistance levels at $152.500 and again near the recent highs suggest a strong selling presence at higher levels.
Current Trend: After a rapid descent, SOL is attempting to stabilize. It's trading around key support levels that may determine the next direction.
Support Levels: Immediate supports are at $140.844 and $137.017. A breach below could see SOL testing the lower support at $129.348.
đŻ Short Setup:
đ Entry for Short: If SOL rebounds to the $140.844 or $143.505 area and shows signs of weakness, it could be an opportunity to enter a short position.
đŻ Take Profit Targets for Short:
1. TP1: $137.017 â Immediate support which might be retested.
2. TP2: $133.000 â Additional lower target based on Fibonacci levels.
3. TP3: $129.348 â Key psychological and technical support level.
đĄïž Stop Loss for Short: Consider placing a stop loss around $145.000 to protect against an unexpected reversal back towards resistance levels.
đ Long Setup (If Reversal Signs Emerge):
đ Entry for Long: Look for buying opportunities near $137.017 if SOL shows signs of strong buying pressure, potentially indicating a reversal.
đŻ Take Profit Targets for Long:
1. TP1: $140.844 â Minor resistance and a conservative target.
2. TP2: $143.505 â Next significant level before the high.
3. TP3: $150.610 â High resistance zone prior to the recent peak.
đĄïž Stop Loss for Long: Place a stop loss just below $135.000 to minimize potential downside risk.
đ Market Sentiment: The sharp decline and subsequent test of lower support levels indicate a critical moment for SOL. Market sentiment appears cautious, and the next moves will be crucial in determining a more definitive trend direction.