If you are still shorting breakouts because you think the local top is in, stop now.
Most traders lose their shirts trying to catch the exact bottom, only to get shaken out on the very first retest of key support. It is painful watching a coin run without you just because you set your stop loss a dollar too tight.
Right now, $SOL is printing a setup that looks eerily similar to the early accumulation phases we saw on $ETH and $BTC before their major runs. After breaking its daily downtrend, the structure remains firmly bullish as long as buyers hold the line at the $73.95 support level.
If this level holds, we are likely looking at quick targets around $78.50 and $82.00. However, if the bulls lose their grip and we slide below $73.95, expect the market to punish late buyers with a swift correction down to $68.40.
Do you think Solana has the strength to hold this support, or are we heading back to the sixties?
#Solana #CryptoTrading #TechnicalAnalysis
Most traders lose their shirts trying to catch the exact bottom, only to get shaken out on the very first retest of key support. It is painful watching a coin run without you just because you set your stop loss a dollar too tight.
Right now, $SOL is printing a setup that looks eerily similar to the early accumulation phases we saw on $ETH and $BTC before their major runs. After breaking its daily downtrend, the structure remains firmly bullish as long as buyers hold the line at the $73.95 support level.
If this level holds, we are likely looking at quick targets around $78.50 and $82.00. However, if the bulls lose their grip and we slide below $73.95, expect the market to punish late buyers with a swift correction down to $68.40.
Do you think Solana has the strength to hold this support, or are we heading back to the sixties?
#Solana #CryptoTrading #TechnicalAnalysis