Solana above 100. Still worth to buy?

٢٤ ديسمبر ٢٠٢٣

The recent evolution of SOLUSDT over the past two months has been remarkable, experiencing a staggering 600% surge from its lows in October, and a 400% rise following the breach of the 30 technical level and confirmation of a bullish trend.

Amidst the heightened enthusiasm of the past week, a crucial question arises: Is Sol still a viable buy at these levels?
In my perspective, the answer is a resounding NO.

While the technical analysis indicates a robust bullish trend, a closer examination of the chart reveals that the price is hovering dangerously close to an exceptionally strong resistance zone ranging from 130 to 140. Considering the recent surge of approximately 80% in just the last week, it becomes evident that a substantial correction is imminent.

Taking a more extended view, I would recommend considering buying opportunities during price dips/corrections within the 70-80 zone.

For those with a short-term and speculative approach, selling above the 130 mark presents an attractive risk-to-reward ratio. This is the potential trade I am actively considering if the specified price level is reached within the next 1-2 weeks.