SOL has fantastic fundamentals which is why it grew so rapidly during this current bull cycle. It went on a run from $27 to an ATH of $260 (~867%) in a matter of months. Since then it has retraced by 50% and like many alts has been in a strong downtrend over the past week. I am not making any trading suggestions in this post but simply marking the areas of support and resistance from the hourly chart on the daily chart in the event that any of you are brave enough to trade this current market.
Over the past week, I have personally found that placing buys near a strong support area usually allows for ~4-5% profit within a relatively short period of time, and depending on your risk appetite you may push for a larger percentage. However, there is no reason that it will always bounce from a strong support especially if BTC goes into free fall. Trade with caution and care.
Please note I am not a financial advisor and this is not financial advice. All ideas are for educational purposes only :)
Please feel free to leave your comments and thoughts below!
Over the past week, I have personally found that placing buys near a strong support area usually allows for ~4-5% profit within a relatively short period of time, and depending on your risk appetite you may push for a larger percentage. However, there is no reason that it will always bounce from a strong support especially if BTC goes into free fall. Trade with caution and care.
Please note I am not a financial advisor and this is not financial advice. All ideas are for educational purposes only :)
Please feel free to leave your comments and thoughts below!