Why would anyone go long SOL right now?

🟢 LONG $SOL /USDT: expecting price to go UP
Bias: LONG · Leaning

Entry: 119.8359 – 120.0641
TP1: 121.9359 (+1.7%)
TP2: 123.2599 (+2.8%)
TP3: 125.2458 (+4.4%)
SL: 117.3021 (-2.2%)
Plan: enter only inside the zone, take half at TP1, then move the stop to entry.
Note: moderate conviction only, keep size light.

Why LONG? Leaning call, 4/12 signals agree, 1 against, 7 undecided.
• Daily trend: price > EMA50 > EMA200, bullish stack → the big-picture trend is up
• 4h trend: price > EMA50 > EMA200, bullish stack → the swing trend is up
• BTC backdrop: BTC trend is bullish and correlation is 0.70 → BTC is rising and this coin tends to follow
Risk: 1h RSI: 40.5, bearish momentum (below 45) → sellers have the momentum

Q: Why take this direction if the 1h momentum is weak?
A: The daily trend is bullish and the 4h trend is bullish too.

Q: When is this trade wrong?
A: A close below 117.3021 invalidates the setup.

What is your stop level or are you sitting this one out?

Levels mapped on the chart below.

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⚠️ Personal market analysis only. NFA — manage risk and DYOR.
Educational content, not investment advice or a recommendation to buy, sell, deposit, or withdraw any asset. No paid promotion or referral/affiliate links.