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Solana’s double-top pattern indicates a potential drop ahead

By: Invezz
SOL/USDT trading strategy
  • Buy/sell asset: Sell SOL/USDT
  • Entry price: 47.96
  • Stop loss: 50.33
  • Leverage: 1x
  • Take profit 1: 45.50
  • Take profit 2: 43.00
  • Take profit 3: 38.0
  • Timeframe: 1 week
  • Maximum profit: 20.7%
  • Maximum loss: 4.85%
SOL/USDT chart and technical analysis

SOL/USDT made a 131% gain since last month, however, the price was unable to close above the August 2022 high. Price attempted twice to break above that level but was unable to do so.

The price made a double top around the 48.00 resistance area in attempting to break above that level. Double top in bearish reversal pattern which appears when the trend is reversing from bullish to bearish.

I am expecting SOL/USDT will drop after a slight upward retrace and plunge to the 38.0 support level.

Solana fundamental analysis

The double-top pattern could mark the end of the bullish trend and another winter might loom for Solana in the coming days and weeks.

The boom and bust circle might repeat itself as the price was unable to break above the August 2022 high.

Solana to Tether trade idea takeaways
  • The double-top pattern on Solana indicates a potential drop ahead.
  • The price will possibly drop to the 38.0 support level 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 1:4.2.
  • The entry and stoploss prices have been placed at secure levels with the least probability of getting hit.
  • Good luck!

The post Solana's double-top pattern indicates a potential drop ahead appeared first on Invezz

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