SOL Trade set up
2024-11-08

Weekly: long term analysis 

 BINANCE: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  . 

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. 
