After small scale rebound, the cryptocurrency is stuck above the level of previous low in July 2021 last year. As the Luna incident subsided, the entire market is slowly recovering, at least no longer scaring like before.
For SOL, it has lost almost all of its gains, although reaching 44 may be affected by the Luna event, but as previously report said, losing 68, then 44 is also easy to reach. The current situation of the bulls is consistent with that of BTC. Even after reaching a key support level, the strength of the bulls is still very low, and the bears maintain a posture of attacking at any time. Unlike BTC, the current price of SOL is within the low-slope bearish channel(yellow area), which is one of the few good news.
Conclusion: Mostly falling. Respecting the gap between the bulls and bears, we believe that although 44 is a strong support level, there is still a possibility to break it on TA. So, the level(44) is our new support level. We lowered the resistance level to 68, its logic is the same as ETH, a new bearish confirmation point.
If you have any ideas, welcome to communicate with us:)
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
For SOL, it has lost almost all of its gains, although reaching 44 may be affected by the Luna event, but as previously report said, losing 68, then 44 is also easy to reach. The current situation of the bulls is consistent with that of BTC. Even after reaching a key support level, the strength of the bulls is still very low, and the bears maintain a posture of attacking at any time. Unlike BTC, the current price of SOL is within the low-slope bearish channel(yellow area), which is one of the few good news.
Conclusion: Mostly falling. Respecting the gap between the bulls and bears, we believe that although 44 is a strong support level, there is still a possibility to break it on TA. So, the level(44) is our new support level. We lowered the resistance level to 68, its logic is the same as ETH, a new bearish confirmation point.
If you have any ideas, welcome to communicate with us:)
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
