What I am looking for on SOLANA #trading

12 Jul 2023 · 1 min

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In this concise trading commentary, the speaker analyzes Solana (SOL) price action by identifying the recent breakout of the range high and the resulting range low. He explains that the market has taken out the range high, creating a short‑term opportunity to sell until a retracement occurs. For bullish traders, the speaker suggests waiting for a pullback to around $19 as a buying zone to aim for higher highs. For bearish traders, he recommends entering a short position immediately, taking the first profit target (TP1) at the $19 sell‑side liquidity level and a second target near $16. The analysis hinges on range concepts, sell‑side liquidity, and expected price retracements.

Chapters

Solana. Essentially what you need to know is that the food here has just been taken and this gives us an opportunity to take a short. This is the range low. In the event that price forms a new trading range, this would be the range low and that would be the range high. So you've just taken out the range high and until you get a little bit of a retrace, especially on sell-side liquidity here, then you're not gonna continue pumping. So if you are bullish, right, then at the minimum you would be looking for a retracement back to $19. If you're bullish, this is where you buy in order to form higher highs. Now, if you're bearish, bearish, then, well, obviously you still just short here and take your TP1 at the sell-side liquidity here at $19. But ultimately, your second target should be here at about $16.