Sanjan91

SOLANA (SOL) USDT PERPERTUAL PRICE ACTION ANALYSIS

Long
BINANCE:SOLUSDTPERP   SOL / TetherUS PERPETUAL FUTURES
Solana has had a spectacular run in the past 2 weeks. However, the price might correct a bit for a pullback as it is near a supply zone .

The XABCD bearish Gartley and Bat patterns had set a supply zone above which the price is struggling to sustain on the weekly chart. As we can see there's a bearish divergence developing on the RSI chart, i.e., the price is making higher highs but RSI is contradicting.

The XABCD bearish Crab pattern sets us a target of 278.

Trade Setup
1)Buy around 178 and put a stop loss below 137.
2)Buy on a pullback after breaking the supply zone /PRZ.

Keep trailing until 278. Expect strong resistance here.

Happy trading :)

This is just for educational purposes.