SOL Trade set up

2024年11月7日

Weekly: long term analysis

SOLUSDT was one of the top gainers of the last altcoin bull run. After more than 95% deep correction during the bear market, SOL has almost regained its ATH in a strong impulsive upward movement from last October to last March. Since then SOL is consolidating within a perfectly defined range [120$ - 190$].

On a weekly time frame we can see the volatility decreasing and bollinger bands are now narrowed and totally flat. This is a perfect setup for a trade entry.



Strategy



Buy signal will be given from a daily close above the resistance line (neckline of the inverted H&S) around the 10$ mark.

• Objective 1: ATH at 250$ ( +25%)
  
• Objective 2: Small Flag pole target at 500$ zone (+150%)
  
• Objective 3: Big flag pole extension and under Cup & Handle target around 1600$ (+700%)
  

Invalidation
Mental Stop: just below the last weekly swing low. This setup proposes a nice Risk Reward
If prices retrace to this stop level we will wait for the weekly closing price then set a Stop loss ¼ or Risk below the weekly close price.
Risk = Distance between Mental stop and entry point.

2024年11月7日

註釋

Correction of the buy signal

Buy signal will be given from a daily close above the resistance line around the 200$ mark (removing the extra words after that which are copy/paste error)

2024年11月10日

交易進行

Buy signal was given yesterday. Let's follow the trade closely.

2024年11月24日

註釋

Objective 1 ✅ was reached on the 21st on November.
Following our trading plan we took some profits with 25% gains on this first level. Remaining portion is targeting the next objectives 🚀