Technical analysis by adriyan_junior about Symbol SOL: Sell recommendation (7/31/2024)

Solana (SOL) Trade Scenarios for Today Current Price: (Insert current price here) #Scenario 1: SELL at $180 1. Trend Analysis: - Trendline: Check if there is a bearish trendline confirming the downtrend. - Confirmation: Ensure price action is indicating a potential decline at $180. 2. Price Action: - Bearish Signals: Look for bearish candlestick patterns (e.g., bearish engulfing, shooting star) near $180. 3. Support and Resistance Levels: - Resistance Level: $180 (where you plan to SELL). - Support Level: Identify a recent support level to place your stop-loss. SELL Trade Plan: - Entry Point: $180 - Stop-Loss (SL): Above recent resistance level. - Target Profit (TP): Set a level below $180 where the price has previously bounced. #Scenario 2: LONG if Close Above $188.3 1. Trend Analysis: - Trendline: Ensure the price is breaking out above a key trendline resistance at $188.3. 2. Price Action: - Bullish Signals: Look for bullish candlestick patterns (e.g., bullish engulfing, hammer) indicating upward momentum. 3. Support and Resistance Levels: - Resistance Level: $188.3 (confirm breakout). - Support Level: Identify a recent support level to place your stop-loss. LONG Trade Plan: - Entry Point: Close above $188.3 - Stop-Loss (SL): Below $188.3 or recent support level. - Target Profit (TP): Set a level above $188.3 where the price has previously encountered resistance. Summary: - SELL at $180: - Trend: Bearish (confirm with trendline). - Entry: Bearish signals at $180. - Stop-Loss (SL): Above resistance. - Target Profit (TP): Below $180. - LONG if Close Above $188.3: - Trend: Bullish breakout. - Entry: Bullish signals with close above $188.3. - Stop-Loss (SL): Below $188.3. - Target Profit (TP): Above $188.3. This plan provides a clear approach for trading Solana based on the specified price levels, using trend analysis, price action, and key support/resistance levels for making informed trading decisions.