$SOL
SOLUSDT — Reclaiming Key Level for Potential Breakout
SOLUSDT is trading at $124.38, successfully holding above the crucial $124.00 level after bouncing from the 24h low of $117.00. The price is now testing immediate resistance at the 24h high of $125.54. With positive momentum on the daily timeframe (+0.98% monthly) and strong volume, SOL shows potential for a breakout above the current consolidation.
Trade Plan (LONG)
Entry (Long): $123.80 - $124.30 (Pullback to support after the bounce)
Target 1: $128.00 - $130.00 (Next resistance zone and psychological level)
Target 2: $135.00 - $137.00 (Extended target based on measured move)
Stop Loss: $122.50 (Below key support and recent consolidation low)
My View
SOL is demonstrating strength by holding above $124.00 and attempting to break the $125.54 resistance. A successful breakout could trigger momentum toward $130+. The risk-reward is favorable with a tight stop below support. Given SOL's historical volatility, position sizing should account for potential sharp moves. A break below $122.50 would suggest a return to the $117-$120 range.
