$SOL is at a key support level... Is it a trap or a rebound?⁉️
Market Structure Analysis:
$SOL has undergone a strong upward push and has since pulled back, currently sitting above a historical demand zone/foundation. The chart shows that the price action is presenting a compressed pattern, making the likelihood of a rebound from this position very high.
Market Psychology:
The selling pressure here is weakening, while buying interest is setting up ambushes in the support area. Market volatility is decreasing, which is usually a precursor to a major breakout. Now is the time to be patient.
Trade Setup
· Entry Range: $118 - $126
· Stop Loss: $81 💀
· Targets / Take Profit Levels:
· 🔸 TP1: $130
· 🔸 TP2: $150
· 🔸 TP3: $175
· 🔸 TP4: $224
⏩ Action Suggestion: Quick Buy
Note: Patience is crucial in this trade. Let the momentum work and follow the structural trading. Always prioritize risk management, as the market structure is still building a foundation.
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