Yesterday, Solana (SOL) saw a sizable 4.90% price increase, bringing its value to $24.72. The total market capitalization now stands at $10.25 billion. Over the past 24 hours, SOL's trading volume was $778.67 million.
In the short-term, SOL is down 1.01% in the past hour but up 4.90% in the past 24 hours. Looking at the past week, it's down 8.91%. However, zooming out shows strong gains - SOL is up 48.77% over the past month and up a slight 1.15% over the past 6 months.
SOL appears to be recovering after a rough couple of weeks. The gains over the past 24 hours and month signal a return of bullish momentum. However, trading volume is still below average levels, indicating buying activity needs to pick up to sustain the uptrend. If volume continues increasing, SOL could retest its June highs around $40.
What SOL Price Levels Should I Watch?
There are a few key price levels to watch with Solana right now:
- $30 - A psychologically important resistance level from June. Reclaiming this would be very bullish.
- $27 - Where SOL found support over the past week. Needs to hold as new support.
- $22 - A key support level from May/June. Failing this could see a retest of $20.
- $18 - The 2022 lows. Losing $22 could open the doors to a drop this low.
Keep an eye on these prices for signs of strength or weakness. Use close stop losses on trades.
How to Time Entries and Exits for Swing Trading SOL?
Timing entries and exits requires patience and discipline. Wait for clear breakouts above resistance or breakdowns below support before entering. Allow pullbacks to identify good risk/reward. Consider laddering buys to average entry price. Book partial profits into strength, moving stop loss to breakeven. Let winners run but have targets in mind. Use stochastic RSI to identify overbought/oversold readings that may signal reversals. Stick to your trading plan.
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