SOLANA aiming for the next run
Updated
Solana Solana - I remember a few weeks ago, when it was at 66$ and I thought that the fundamentals look good for an investment.
Unfortunately I did not go long back then and one day after it ran up too much to talk about it ;(
However, now SOL is currently preparing for a run and what we can see on the chart is a double-bottom (daily). Before going long,
just to be on the save side, it makes sense to wait for the pull back to the neckline @177$ and a green candle with some volume that
supports the double bottom. Once you switch to the 4hr timeframe, you can see that in fact the pullback to the neckline has happened and also a green candle did appear. So going long is definitely one way to go, but not without any stop-loss.
The first profit target is around the last ATH @215$, offering a ~18% profit. After that there are not real limits set, so PTs are around round psychological levels.
Watch for divergence on the RSI/Volume and price to time a reversal.
As usual, this is no financial advice, so trade with care!
For reasons of transparency:
I am invested in PUNDIX and TTFUEL with 1/4 of my account size. The rest is buffer cash for buying dips.
Unfortunately I did not go long back then and one day after it ran up too much to talk about it ;(
However, now SOL is currently preparing for a run and what we can see on the chart is a double-bottom (daily). Before going long,
just to be on the save side, it makes sense to wait for the pull back to the neckline @177$ and a green candle with some volume that
supports the double bottom. Once you switch to the 4hr timeframe, you can see that in fact the pullback to the neckline has happened and also a green candle did appear. So going long is definitely one way to go, but not without any stop-loss.
The first profit target is around the last ATH @215$, offering a ~18% profit. After that there are not real limits set, so PTs are around round psychological levels.
Watch for divergence on the RSI/Volume and price to time a reversal.
As usual, this is no financial advice, so trade with care!
For reasons of transparency:
I am invested in PUNDIX and TTFUEL with 1/4 of my account size. The rest is buffer cash for buying dips.
Note
So, we actually hit the first profit target at 215$ - I hope you took the 18% profit I was talking about before. Volume is promising and right now it's a matter of time before the price *might* take off. Make sure to set your stop-loss around 1 or 2ATR (Average-True-Range) - alternatively one can use the level of support @177$ (maybe a bit lower) as stop-loss. -This is no financial advice, so please trade with care and do your own due diligence-
Trade closed: target reached
For Solana I see this right now as a good point to step out. We have reached a nice profit target and volume as well as MACD signal a divergence, which as an indication for an upcoming trend reversal. This also offers an opportunity to go short. I hope you are all doing well and as always, trade with care!
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