🚀 $SOL
SHORT SETUP 🚀
SOL dropped from $122.27 to $105.61, then spent a long stretch ranging between roughly $108.50 and $112. It pushed up to about $113.30, but that move failed well below the previous peak and has been sold off since. Price is now back at the 99 MA after a string of red candles. I’m watching for a short on a bounce into the MA cluster above, not chasing the current candle. 📉
Entry: $111.00 – $111.60
TP1: $109.80
TP2: $108.50
TP3: $106.80
SL: $112.40
🔻 Why SOL is on watch:
Price ($110.23) is under both the 7 MA ($111.27) and the 25 MA ($111.47), and both are turning down. The $111.20 to $111.50 zone now acts as overhead resistance. The pump to about $113.30 failed and rolled over, leaving a lower high versus $122.27. The bigger structure is still a downtrend. The 99 MA ($110.26) is sloping down, and price is sitting right on it. A clean 1H close below $109.65 (the latest wick low) would show sellers taking control. Volume during the bounce was modest compared with the big sell-off candle near $105.61, which suggests the move up was weak, and buyers lack conviction. Downside targets are the $108 to $108.50 range floor, then the $105.61 swing low.
⚠️ Price is already hugging the 99 MA, so a bounce is possible. If it pushes through $112.40 and holds above the MAs, the setup is invalid. Don’t chase if price doesn’t reach the entry zone, and respect the stop.
Not financial advice. DYOR.
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SHORT SETUP 🚀
SOL dropped from $122.27 to $105.61, then spent a long stretch ranging between roughly $108.50 and $112. It pushed up to about $113.30, but that move failed well below the previous peak and has been sold off since. Price is now back at the 99 MA after a string of red candles. I’m watching for a short on a bounce into the MA cluster above, not chasing the current candle. 📉
Entry: $111.00 – $111.60
TP1: $109.80
TP2: $108.50
TP3: $106.80
SL: $112.40
🔻 Why SOL is on watch:
Price ($110.23) is under both the 7 MA ($111.27) and the 25 MA ($111.47), and both are turning down. The $111.20 to $111.50 zone now acts as overhead resistance. The pump to about $113.30 failed and rolled over, leaving a lower high versus $122.27. The bigger structure is still a downtrend. The 99 MA ($110.26) is sloping down, and price is sitting right on it. A clean 1H close below $109.65 (the latest wick low) would show sellers taking control. Volume during the bounce was modest compared with the big sell-off candle near $105.61, which suggests the move up was weak, and buyers lack conviction. Downside targets are the $108 to $108.50 range floor, then the $105.61 swing low.
⚠️ Price is already hugging the 99 MA, so a bounce is possible. If it pushes through $112.40 and holds above the MAs, the setup is invalid. Don’t chase if price doesn’t reach the entry zone, and respect the stop.
Not financial advice. DYOR.
🔔 Follow CoinDispatch for more daily trade setups and market updates!