SOL: Weak Response at Resistance – Patient Strategy to Trigger Short Upon Trendline Breakdown
Solana has just flashed a confirmation signal pointing to a return to its primary bearish structure following an uninspiring short-term technical relief rally. After facing heavy selling pressure, the price action managed a minor rebound from the $60 floor up toward the $83 resistance area. However, this upward momentum was quickly extinguished, leading to a definitive price rejection at this overhead ceiling. The bulls' complete failure to sustain the price above the MA100 moving average line serves as clear evidence that buying demand is thoroughly exhausted.
Based on the visual data from chart , the long-term bearish structure is preparing to initiate its next continuation phase. The fake breakout above the dynamic MA100 line acts as a classic bull trap designed to flush out late buyers. Even though the primary downward trajectory is highly evident, executing a Short entry right at this spot still poses minor risks as the price sits precariously close to the ascending short-term support trendline.
The wisest strategy at this juncture is to patiently wait for a definitive structural confirmation from the market. We will trigger a Short position once a candle closes completely below the $70 mark, officially validating a breakdown of the ascending support trendline. This trade setup secures a massive edge with an incredibly tight stop-loss placement just above the broken support, while projecting the next profit target toward the $50 psychological round number zone.
Disclaimer: This is not financial advice, DYOR.
Solana has just flashed a confirmation signal pointing to a return to its primary bearish structure following an uninspiring short-term technical relief rally. After facing heavy selling pressure, the price action managed a minor rebound from the $60 floor up toward the $83 resistance area. However, this upward momentum was quickly extinguished, leading to a definitive price rejection at this overhead ceiling. The bulls' complete failure to sustain the price above the MA100 moving average line serves as clear evidence that buying demand is thoroughly exhausted.
Based on the visual data from chart , the long-term bearish structure is preparing to initiate its next continuation phase. The fake breakout above the dynamic MA100 line acts as a classic bull trap designed to flush out late buyers. Even though the primary downward trajectory is highly evident, executing a Short entry right at this spot still poses minor risks as the price sits precariously close to the ascending short-term support trendline.
The wisest strategy at this juncture is to patiently wait for a definitive structural confirmation from the market. We will trigger a Short position once a candle closes completely below the $70 mark, officially validating a breakdown of the ascending support trendline. This trade setup secures a massive edge with an incredibly tight stop-loss placement just above the broken support, while projecting the next profit target toward the $50 psychological round number zone.
Disclaimer: This is not financial advice, DYOR.
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Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.