CandleFocus Accumulating Solana (SOL) Is a Strong Short-Term Strategy, Says This Indicator
2024-10-06
Author: Content Editor
The price of Solana (SOL) has recently dropped to $143, causing concerns about its recovery in the current market conditions. However, historical data and market trends suggest that this could present a promising opportunity for long-term investors to accumulate SOL at this level. The negative Sharpe Ratio indicates that the altcoin is oversold and could attract buyers, potentially leading to an upward price surge. Additionally, the overall macro momentum for Solana is showing positive signs, with traders becoming bullish again. If Solana manages to break through the $155 resistance level, it could see an uptick in price and target $161 for a solid recovery. However, failing to break $155 could lead to a pullback to $140, risking further losses. Maintaining support above $140 is crucial for sustaining the upward trajectory.
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