SOL: How to Trade It in the Coming Weeks
Currently SOL is sitting at $24.44 and is one of the most exciting cryptocurrencies to watch in the lower volume trading months. We would recommend buying the dip down in 2–4% levels as timing the complete bottom during these high volatile times can be tricky and you don’t want to end up with high leverage/getting liquidated. You might notice that we’ve trimmed down our percentages on SOL because the upside of a breakout back to the $40 levels seems much more popular than a sudden down spike.
Make sure to use stop losses, and smart risk management with your allocated funds. Things can get dicey in the crypto markets, so you don’t want to enter at your full buy, as we have a lot to drop.
The correction feels like it will pull for 1.5–3 months, but in the short-term SOL should be giving us opportunities to make bigger trades later on by changing our cost average. You will want to buy a bulk of your SOL in the $17–19 range and sell near the $43.75 range after crypto hits another 1–3month high volume cycle.
SOL is a perfect to swing trade with low leverage, in which it can be exchanged for your other favorite cryptocurrency. Exchanging SOL for fiat isn’t a bad choice, but if you can time the pairing with your favorite asset like BTC or ETH then you’ll be able to stack better and increase your overall position in crypto for the long run.
Low/market — It’s not recommend using high leverage during these short periods, and as always you should use caution whenever leverage is being used. If you don’t have a crypto account that allows you to trade with leverage, you should try out Binance and share up to 40% of commission fees today.
📈Short-Medium — If you’re more into the weekly trades, then you will need to be more selective on selling through the volatile pumps, but if you’re looking to wait it out then you’re looking at 1–3 months before you can sell.
🚀 Long — Around $17 the long position will come in but getting down there is the tricky part. If you’re going to short from here to $23.44 its recommend to not use a lot of leverage, and to make sure you’re hedging any unexpected turns.
Trading Crypto, does involve a risk of loss. Trading above should not be taken as advice and is only discussion on opinions. Always do your own research before investing. Past performance is not indicative of future results. Always limit your leverage and use tight stop loss.