Solana Dips Continue Amid Weak Bullish Recovery: SOL Bulls Now Look to This Next Support for Hope
Solana (SOL), the high-performance blockchain platform, has been on a rocky ride in recent times, with its price experiencing a bearish trend amid a broader market downturn. However, analysts are now closely monitoring a potential selling opportunity that could emerge if the weak bullish recovery fails to sustain.
Maximilian_FX, a prominent crypto trader, shared his analysis with fellow traders, suggesting that SOL/USDT could be ripe for a selling opportunity as it tests the bearish channel around the $140.00 mark. According to Maximilian_FX, the target for this potential decline is at $124.60.
“Overall, SOLUSDT is seeing a weak recovery in the bearish trend,” Maximilian_FX stated. “In this scenario, we may consider a selling opportunity as it completes a test of the bearish channel around the 140.00 mark. The target for this decline is at the 124.60 mark.”
Maximilian_FX emphasized the importance of proper risk management, advising traders to set their take-profit (TP) and stop-loss (SL) levels appropriately.
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Show more +AltFINS points to Potential Support
Corroborating this analysis, altFINS, another respected crypto analyst, highlighted the potential for a swing trade entry near the $125 support level. According to altFINS, this level coincides with a horizontal support zone, a long-term uptrend line, and an oversold condition indicated by the Relative Strength Index (RSI) hovering around 30.
“Price remains in an uptrend but got rejected 2x at $200 resistance, pulled back below $160 key level and touched $125 support,” altFINS explained. “That’s a horizontal support level and near a long term up-trendline. It’s also oversold (RSI ~ 30). Pull back near $125 support could be an attractive swing trade entry in Uptrend with +25% potential upside potential back to $160.”
altFINS further advised setting a stop-loss level at $115, just below the prior swing low, and suggested setting a price alert for potential entry.
It’s worth noting that the current price of Solana is hovering around $132, according to the latest data.
While these analyses provide valuable insights, it’s crucial for traders to conduct their own research and exercise caution when making trading decisions, as the crypto market remains highly volatile and unpredictable.
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