BTC approaching historical highs, will SOL have a better performance?

SOL Current Market Data

• Price: 175.35 USDT

• 24-hour highest price: 183.43 USDT

• 24-hour lowest price: 175.28 USDT

• 24-hour price change: -2.99%

• Support level: 176.9 USDT

• Resistance level: 180.9 USDT

• Market sentiment: Extreme greed (Fear & Greed Index: 77)

Trading Strategy

Strategy 1: Short-term rebound trading

• Direction: Long

• Entry Price: 176.9 USDT (Support Level)

• Stop Loss Price: 175.0 USDT

• Target price: 180.0 USDT (near resistance level)

• Reason: The current price is close to the support level, and the market sentiment is extremely greedy, which may lead to a short-term rebound. You can look for entry opportunities near the support level.

Strategy 2: Breakthrough Trading

• Direction: Bullish

• Entry Price: 181.0 USDT (Breaking through resistance level)

• Stop Loss Price: 179.0 USDT

• Target Price: 185.0 USDT

• Reason: If the price breaks through the resistance level of 180.9 USDT, it may trigger further increase. This strategy is suitable for trend-following traders.

Strategy Three: Short Pullback Trading

• Direction: Bearish

• Entry price: 183.0 USDT (close to resistance level)

• Stop-loss price: 185.0 USDT

• Target Price: 175.0 USDT

• Reason: The current market sentiment is extremely greedy, and the RSI indicator shows overbought, which may lead to a pullback. You can look for short opportunities near the resistance level.

  
  

  Author:Icing, Gate.io researcher
  

  Translator: Icing.
  

  This article represents the author's views only and does not constitute any trading advice.
  

  This content is original, the copyright belongs to Gate.io, please indicate the author and source if you need to reprint, otherwise legal responsibility will be pursued.