🌞 Update market [09/12] [SOL]. 💵
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📉 Technical Insight:
On the H4 timeframe, Solana (SOL) is moving within a relatively wide accumulation range from $120 - $144. Currently, the price is being compressed just below the dynamic resistance cluster of Tenkan-sen and Kijun-sen (the range of $134.1 - $134.5). Doji candles and consecutive small-bodied candles appearing indicate the market's hesitation at this "sensitive" zone.
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☁️ Indicator signals:
Stoch RSI is cutting up from the 40 range, indicating that buying momentum is starting to spark again. However, the trading volume is quite low, not enough to confirm a strong breakout past the resistance zone of $135. The market structure has not really escaped the short-term correction pressure yet.
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💡 Trading mindset:
Unlike BTC or ETH which have a clear bullish structure, SOL is weaker and below resistance. Opening a Long position right at $132 - $134 is a "bet" with a low probability. The sharp mindset at this moment is "Buy Low" - patiently wait for the price to discount to the support area below to have a safe entry point and the best position.
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RECOMMENDED POSITION
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📈 LONG LIMIT (Waiting to buy)
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🔹 Entry: 126.8 - 128.5 (Short-term bottom support/Demand Zone)
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🔻 Stoploss (SL): 122.5 (Cut loss decisively if it breaks the bottom leading to a break in the accumulation structure)
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🎯 Take Profit (TP):
TP1: 134.5 - 135.5 (Re-test the current Ichimoku resistance zone)
TP2: 142.0 - 143.5 (Upper range of the accumulation box/Old liquidity zone)
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This article only suggests market information, not an investment call! #DYOR #NFA $SOL
