Monitoring Solana on the 2H timeframe. After a significant bearish move, we are seeing the formation of a potential W-pattern (double bottom) structure at the lows.
As illustrated in the chart, the price is coiling up, and I am watching for a clean breakout of the resistance levels highlighted as "First Entry" and "Second Entry."
The Trade Plan:
- The Trigger: I am waiting for a clean break and retest of the $68 zone.
- The Logic: The arrow shows my expected path. However, I am strictly following my rules: No trigger, no trade.
- Execution: Given the primary downtrend, this is a risky trade. If the setup confirms, I plan to scale into the position using the two entry points marked on the chart to manage risk effectively.
Disclaimer: This is a setup based on current price action. Always maintain your own risk management.
As illustrated in the chart, the price is coiling up, and I am watching for a clean breakout of the resistance levels highlighted as "First Entry" and "Second Entry."
The Trade Plan:
- The Trigger: I am waiting for a clean break and retest of the $68 zone.
- The Logic: The arrow shows my expected path. However, I am strictly following my rules: No trigger, no trade.
- Execution: Given the primary downtrend, this is a risky trade. If the setup confirms, I plan to scale into the position using the two entry points marked on the chart to manage risk effectively.
Disclaimer: This is a setup based on current price action. Always maintain your own risk management.
Note
I longed 
SOL hereInvalidation: H1 candle close below
TPs: Scale out on the way up
Note
Another view for my Solana swing long to confirm my biasFlipped resistance into support, retested, and now looking for the bounce
It's a clean setup
Trade closed: target reached
Unfortunately, I got stopped out on my perp position during that deviation.I've been accumulating spot throughout the entire drop, and I'm looking to sell at $200+ (likely in the coming months / by the end of the year)
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.