Solana is expected to reach $260-$270, but current risk-to-reward is unfavorable for buying. A good entry point for longs would be around $206-$211, as previous resistance turns into support. A daily long wick bearish candle suggests a local top.
"If I am holding Salana right now, maybe I'll hold it until we get up to that $260 area and then I will look to sell. But if I do not have any right now, I obviously would not be buying it because the risk-to-reward here simply is not worth it from a trading perspective. However, if we go down into the lower time frames, I'll go down into the daily time frame right now. What you could see is that we had this huge ascending triangle from uh essentially $158 up to $26. $20. It kept on hitting at resistance, resistance, resistance. Bam, bam, bam, bam. A little fake out right here. And so if we come back down there, what do I always say? I always say resistance typically turns into support. So around 206 to maybe 20 $10, um, is where I will be looking for longs. You might even get cheeky and say $211 if you want to frontr run it a little bit. But that is the origin of this breakout of the move. And uh so if it comes down to $211, that's where I want to be getting into Salana because I do think that it does have a lot of potential and it can go all the way back up to $260, maybe even $270 um before, you know, a big big big correction."