Solana ($SOL) Market Analysis & Strategy
Recent Price Action:
$98.33 reached $100.26, then after price moved back from $100 it pulled back to $99.
After that, it held tightly around the $98 zone dynamically and then gave a quick dip to $97.36.
From the dip, it bounced back and rose to $105.77, and at $105.77 it fulfilled the mapped target, followed by a retracement back to the $100 level.
Current Outlook & Next Targets:
The market is currently building structure slowly and steadily. As price gradually moves toward $103, $104, or $105, the chance of hitting $107 is very high.
If a big green candle or a sharp rally pushes directly into the $108 - $109 zone, then that would likely be the climax of the current bull wave (end of the local rally).
Trading Plan:
If rejection is felt in the $108 - $109 range, the market is likely to drop sharply again.
This is the prime opportunity to open a Short position, from where at least a 4-5 point (or more) clean drop profit can be captured.
Recent Price Action:
$98.33 reached $100.26, then after price moved back from $100 it pulled back to $99.
After that, it held tightly around the $98 zone dynamically and then gave a quick dip to $97.36.
From the dip, it bounced back and rose to $105.77, and at $105.77 it fulfilled the mapped target, followed by a retracement back to the $100 level.
Current Outlook & Next Targets:
The market is currently building structure slowly and steadily. As price gradually moves toward $103, $104, or $105, the chance of hitting $107 is very high.
If a big green candle or a sharp rally pushes directly into the $108 - $109 zone, then that would likely be the climax of the current bull wave (end of the local rally).
Trading Plan:
If rejection is felt in the $108 - $109 range, the market is likely to drop sharply again.
This is the prime opportunity to open a Short position, from where at least a 4-5 point (or more) clean drop profit can be captured.