Trade Setup: SOL/USDT
Entry: $161.13
Stop Loss: $156.57
Take Profit: $176.53
Time Frame:4H
Technical Analysis:
SOL price has decisively broken out above a strong resistance zone between $160.48 and $162, confirming bullish price action. This breakout is likely to trigger a retest of the broken range to confirm support before continuation higher.
Key resistance to target is at $177.20, which aligns with a significant supply zone. Traders should consider scaling out or taking profits near this level due to potential selling pressure.
Risk-Reward: Approximately 1.3 favoring the trade.
RSI: Currently at 63, showing sustained bullish momentum without being overbought.
MACD: Bullish crossover present, indicating upward momentum is intact.
Fundamental Update:
The U.S. Securities and Exchange Commission (SEC) has requested prospective Solana ETF issuers submit amended S-1 forms within the next week. The SEC will review and comment within 30 days of submission. Importantly, the SEC appears open to including staking within Solana ETFs, having asked issuers to clarify language on in-kind redemptions and staking mechanisms. This regulatory openness could add significant bullish catalyst for SOL, supporting increased institutional interest and demand.
Entry: $161.13
Stop Loss: $156.57
Take Profit: $176.53
Time Frame:4H
Technical Analysis:
SOL price has decisively broken out above a strong resistance zone between $160.48 and $162, confirming bullish price action. This breakout is likely to trigger a retest of the broken range to confirm support before continuation higher.
Key resistance to target is at $177.20, which aligns with a significant supply zone. Traders should consider scaling out or taking profits near this level due to potential selling pressure.
Risk-Reward: Approximately 1.3 favoring the trade.
RSI: Currently at 63, showing sustained bullish momentum without being overbought.
MACD: Bullish crossover present, indicating upward momentum is intact.
Fundamental Update:
The U.S. Securities and Exchange Commission (SEC) has requested prospective Solana ETF issuers submit amended S-1 forms within the next week. The SEC will review and comment within 30 days of submission. Importantly, the SEC appears open to including staking within Solana ETFs, having asked issuers to clarify language on in-kind redemptions and staking mechanisms. This regulatory openness could add significant bullish catalyst for SOL, supporting increased institutional interest and demand.
GODO Capital Markets
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.
GODO Capital Markets
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.