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The price movement of Solana (SOL) is at a critical moment. The daily chart shows that SOL is approaching an important resistance area, with $217 becoming the resistance level that the market is following.
For traders, it is important to operate cautiously in the current situation. If the price retraces in the range of 220-222 dollars, one might consider a small short position, but it is essential to set the stop loss at 225 dollars to control risk. However, if SOL breaks through the 225 dollar level, it may continue to push up to 230 dollars or even 240 dollars.
On the other hand, if a pullback occurs, investors should closely monitor the support level at $212. If this level is broken, the next key support area will be concentrated around $210, $207, and $205.
Whether bullish or bearish, the price movement of Solana may bring opportunities and risks. Investors need to take into account market sentiment, technical indicators, and broader cryptocurrency market trends when formulating trading strategies to make informed decisions.