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Potential buy entry on SOLUSDT: a trend continuation trade

By:
on Oct 19, 2023
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  • SOL/USDT will possibly rally to the 30.00 supply area in the coming days
  • Trading signal provided should last 1-2 weeks with a potential upside of 25.47%
  • There are no major news events in the coming days so the price will be remain calm

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SOL/USDT trading strategy

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  • Buy/sell asset: Buy SOL/USDT
  • Entry price: 23.93
  • Stop loss: 2.72
  • Leverage: 1x
  • Take profit 1: 25.50
  • Take profit 2: 27.00
  • Take profit 3: 30.00
  • Timeframe: 1-2 weeks
  • Maximum profit: 25.47%
  • Maximum loss: 5.14%

SOL/USDT chart and technical analysis

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Solana has continued its bullish trend despite a significant drop in the prices of other altcoins. SOL/USDT gained more than 22% since last week, while the prices of other altcoins were ranging.

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The price is dropping after breaking above the previous high of 24.70 and will possibly retrace to the 23.93 support level and 0.786 Fibonacci level before continuing its bullish trend.

I am expecting Solana will continue its bullish trend in the coming weeks and will possibly rally to the 30.00 supply area.

Solana fundamental analysis

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There are no fundamental events that could impact the price of Solana substantially. Moreover, the prospects are promising for the growth of Solana as the price of Bitcoin is also going up.

Solana to Tether trade idea takeaways

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  • SOL/USDT will likely retrace back to the 23.93 resistance level before heading for new highs.  
  • I am expecting the price will rally to the 30.00 supply area in the coming days.
  • Multiple take-profit levels have been added to secure profit along the way.
  • The risk-to-reward ratio on this trade is 1:4.9.
  • The entry and stoploss prices have been placed at secure levels with the least probability of getting hit.
  • Good luck!
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