Solana (SOL) Ready to Bounce Back to $232?
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.
A Long Position Targeting $232
Here are the entry and exit points for this Solana long position on Bitget:
- Entry price: between $216 and $220
- Stop loss: $215
- Take profit: First TP at $225 and second TP at $231
- Potential gains: Up to 50% with 10x leverage and 20% risk of loss
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:
- Transfer funds:
- Go to Assets > Spot > Transfer to Futures USDT-M.
- E.g.: 100 USDT.
- Open Futures SOLUSDT:
- Go to Futures > USDT-M > Search for SOLUSDT.
- Click Trade.
- Configure leverage:
- Choose One-Way Mode (beginner).
- Set leverage to x10 (click on the leverage icon).
- Open the Long position:
- Wait for SOL to be between $216-220.
- Select Long (green).
- Market Order (immediate purchase) or Limit (e.g.: $218).
- Stake: E.g., 100 USDT (position = 1000 USDT with x10).
- Click Buy/Long.
- Set Stop-Loss (SL) and Take-Profit (TP):
- In Positions, click TP/SL.
- SL: $215 (limiting loss to ~20%).
- TP: First at $225 (50% position), second at $231 (remainder).
- Confirm.
- Monitor/Close:
- Check gains/losses in Positions.
- Close manually if needed (Close button, Market).
- Potential gains: ~50% if SOL reaches $231 (before fees ~0.02-0.06%).
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