Solana (SOL) tests oversold conditions at $217, showing a bullish divergence that could trigger a bounce to $232. Is a short squeeze imminent? Explore on Bitget for profitable short-term trading strategies.
Currently down more than 5% since yesterday to $219, Solana (SOL) shows potential for a rebound in the coming days.
With a 2H RSI in oversold territory and a confirmed bullish divergence, SOL has the potential to bounce toward its POC zone between $235 and $230 in the coming days.
At the same time, Bitcoin appears set to bounce beyond $123,000 after rebounding from a liquidity zone at $112,600.
But it’s especially the surge in short positions forming above current prices that provides a bullish confluence in the short term. Note that this is a trade for a maximum of 2-3 days. Here’s how to position yourself for a long trade on Solana.
Here are the entry and exit points for this Solana long position on Bitget:
When the price reaches $224, move your stop loss to your entry point to avoid any losses. Additionally, adjust your leverage based on what you’re willing to lose.
For beginners, here’s how to easily execute your long position on Bitget in 5 steps:
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Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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