SOL/USDT trading strategy - Buy/sell asset: Buy SOL/USDT
- Entry price: $69.85
- Stop loss: $63.15
- Leverage: 1x
- Take profit 1: $76.0
- Take profit 2: $84.0
- Take profit 3: $94.6
- Timeframe: 1-2 weeks
- Maximum profit: 35.5%
- Maximum loss: 9.5%
SOL/USDT has been in an uptrend for the last 4 months and will possibly continue its rally in the coming days and weeks. The market has formed a bullish head and shoulder pattern (H&S) which is an indication of the continuation of the bullish trend.
The price will probably drop and retrace to the $69.85 support level before jumping to new highs. I am considering the $69.85 support level for buy entry and my target for this trade would be the $94.66 resistance level.
The price was unable to break below the bullish trendline and reversed after retesting the trendline at $64.0 last week. The bullish market structure was not broken and the price will possibly continue the bullish trend.
Solana Fundamental analysisFundamentally, there are no major news events left that could impact the price of SOL/USDT significantly. The CPI and Fed interest rate decision did not impact the price substantially.
Solana to Tether trade idea takeaways- SOL/USDT will possibly retrace to the $69.85 support level before continuing the rally.
- The price of Solana will likely surge to the $94.6 resistance level in the coming days and weeks.
- Multiple take-profit levels have been added to secure profit along the way.
- The risk-to-reward ratio on this trade is 1:3.7.
- The entry and stoploss prices have been placed at secure levels with the least probability of getting hit.
- Good luck!
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