SOLUSDT has been trading within an ascending channel pattern on the daily time frame. The recent consolidation within the channel from June 14th to June 20th suggests a period of indecision and accumulation. As the price nears the resistance area, a breakout above this level would signify a potential bullish rally.
Trade Setup:
Entry:
As per the Smart Money Concept, a fresh entry can be taken at $16.40, preferably after the breakout above the resistance area. This entry point aligns with the expectation of a slight bullish rally following the breakout.
Target:
Our target for this trade setup is set at $19.35, representing a notable upside potential from the entry level. This target reflects the anticipated price movement once the breakout above the resistance area is confirmed.
Stop Loss:
To manage risk effectively, it is recommended to set a stop loss at $16.00. Placing the stop loss below the entry level can help protect against potential downside risks.
Trade Setup:
Entry:
As per the Smart Money Concept, a fresh entry can be taken at $16.40, preferably after the breakout above the resistance area. This entry point aligns with the expectation of a slight bullish rally following the breakout.
Target:
Our target for this trade setup is set at $19.35, representing a notable upside potential from the entry level. This target reflects the anticipated price movement once the breakout above the resistance area is confirmed.
Stop Loss:
To manage risk effectively, it is recommended to set a stop loss at $16.00. Placing the stop loss below the entry level can help protect against potential downside risks.
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