Technical analysis by aheievaleksandr88 about Symbol SOL: Sell recommendation (12/5/2023)

Solana (SOL) has exhibited a prolonged period of outperformance; however, it appears that this upward trend may be primarily a rebound from the FTX collapse. Presently, the coin displays a noticeable weakness when compared to other altcoins.From a technical standpoint, we observed a break below a significant support line, followed by sustained downward movements after a retest. This breach suggests a potential for a deeper correction, and as such, I am inclined towards a bearish outlook for this coin.The MACD indicator further supports the bearish sentiment, adding weight to the downside scenario.It is essential to emphasize the importance of prudent risk management in these market conditions. Setting appropriate stop-loss and take-profit levels, as well as adeptly managing your position, are critical components of a sound trading strategy. I have initiated a short position at the current market price and implemented a permanent stop. I will keep you informed if I decide to adjust the position to break even.