Direction
Long
Published
November 8, 2024
Status
Token
SOL
Trigger
Chart PatternTechnical Indicator
Type
Trade Strategy
Updated
About & Tokenomics
Token Name | Solana |
Symbol | SOL |
CoinMarketCap Rank | 4 |
Market Cap | 93.9B |
Volume 24h | 4.8B |
Total Supply | 587M |
Circulating Supply | 471M |
Chart Analysis
Solana broke out of its long-term consolidation channel and made a higher high on the daily + weekly chart. Therefore, chances of a next upward move are high.
Technical Indicators
SOL’s technical indicators support an entry in general. However, we should pay attention to two aspects. The RSI is close to overbought territories while the ADX does not show a strong trend.
- MACD: Bullish 🟢
- RSI: Neutral (but very close to overbought) 🔵
- VMA: Bullish 🟢
- Triple EMA: Trading above all EMAs 🟢
- ADX: 20, indicating no trend 🔴
Chart
Trade Setup
Based on the current chart, I would go for two alternative setups.
Option 1 — Correction to $185
- Entry: Wait for a correction and retest of the $185 level. This should also give us a healthier RSI. We can enter once the price bounces off $185 or reclaims this level.
- Profit Target 1: $210
- Profit Target 2: $250
- Stop Loss: $160
Option 2 — Close Above $210
- Entry: Wait for a close and confirmation above $210
- Profit Target 1: $250
- Profit Target 2: $300
- Stop Loss: $195