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🚀 $SOL /USDT: The "Double Bottom" Reversal or Fakeout? 📉
Solana is currently sitting at a critical crossroads. After a sharp flush from the $143 highs, we are seeing a potential bottoming structure near the $124.68 mark. Is this the local floor, or just a pit stop before sub-$120?
🔍 Technical Breakdown:
The Support Zone: Price recently wicked down to $124.68, creating a potential "Double Bottom" on the 1H timeframe.
Moving Averages: SOL is struggling below the MA(99) (purple line) at $135.81, showing a clear bearish trend on the higher timeframes. However, it’s currently hugging the MA(7) and MA(25), looking for a momentum flip.
Volume: We saw a significant volume spike on the initial dump, but selling pressure is thinning out—often a sign of exhaustion.
⚡ The "Aggressive Rebound" Trade Setup
🎯 Entry Zone: $126.50 – $127.80
🛡️ Stop Loss: $123.50 (Below the recent swing low)
💰 Take Profit Targets:
TP 1: $131.50 (Initial resistance & 24h VWAP)
TP 2: $135.80 (MA-99 Resistance & Major Liquidity)
TP 3: $140.00 (Psychological level)
💡 Trader’s Insight:
"The market is currently in a 'risk-off' mode due to global macro uncertainty. While SOL shows resilience at $125, wait for a 1H candle close above $128 to confirm the short-term trend reversal. If $124.50 fails, we might see a quick trip to the $116 demand zone."
What’s your move? 🐂 or 🐻? Let me know below!
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