I've noticed many of you are worried about $SOL, with some predicting a drop to $50, but that seems unlikely. While some are waiting for a #Solana pump, others are hoping for a dip to get a better entry. So, is $SOL/USDT facing a reversal or just a dead cat bounce?
Currently, $SOL is trading at $124.32, showing a slight decline of -0.02% in the last 24 hours. After reaching a 24-hour high of $128.43, the price pulled back and tested support around $118.59. The market is still uncertain, with mixed signals in both volume and trend direction.
Key Levels to Watch:
Resistance: $128.43 – A breakout here could push SOL towards $138.46 and $153.39.
Support: $112.00 – A loss of this level could send the price lower, potentially down to $108.60.
Market Sentiment:
Bearish Pressure: The 7-day trend is down by -12.82%, and the 30-day loss is -37.89%, signaling ongoing weakness.
Order Book Data: 40.95% buyers vs. 59.05% sellers, showing that selling pressure is still dominant.
Trade Setup – Risk or Reward?
Long Entry: A break above $128.43 could signal a move toward $138.46.
Short Entry: A rejection at $124.00 or a drop below $112.00 could push SOL down to $108.60.
Stop-loss: Set below $110.00 to manage downside risk.
Final Thoughts: SOL is at a crucial point – will it recover, or is another decline ahead? Watch for volume and trend shifts to confirm the next move!
