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At 7:22 PM tonight, the SOL price faces an important resistance level between 199 and 200 dollars. Currently, SOL is consolidating sideways in this critical range. From the hourly Candlestick Chart, the long lower wick indicates that long positions still have the potential to push towards the 200 dollar mark. However, multiple attempts to break through have been unsuccessful, showing that the current strength of the bulls is slightly lacking.
The upcoming trend may be influenced by overall market sentiment. Investors might consider setting short positions around $199 while closely monitoring the key support level near $193. If the price drops, the initial target could be aimed at $194. On the other hand, to guard against upside risks, it is recommended to set a stop loss at $204.
Market fluctuations are unpredictable, and investors should operate with caution and manage risks effectively. Keeping a close eye on market trends and adjusting strategies in a timely manner is essential to seize opportunities in this challenging cryptocurrency market.