Greetings fellow traders. In this analysis, we take a look at a possible Solana (SOL) Buy Swing position. The Risk-to-Reward on this trade is a "No-Brainer" hence the reason I am sharing this trade setup.
My confluences for the Buy trade setup: - Solana is well known as for its NFT ecosystem. With SOL being the underlying currency for this ecosystem, it makes SOL fundamentally strong for the long term. - Now lets look at the technical analysis, * There is a Fair Value Gap around $29.50. * There is also a Bullish OB just below the FVG. * There are notable equal highs/ Sell Side Liquidity around $34.50 that has to be raided. * I will be targeting the Fair Value Gap by $42.50 as my intermediate target price. My Long term target price is $60. - Looking at seasonal tendencies, Q4 is usually good for the Crypto market therefore there is a higher possibility of the market being Bullish than Bearish.
My Entry price is sub-$30 (preferably, $29.50). Use proper risk management.
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