Last week, the price of cryptocurrencies reached previous-high and then fell. Although Friday's pump was exciting, it did not last. The price fell again after the U.S. stock market opening.
The good performance of the employment data on Friday may be a factor. Although the NFP is lower than that in May, it is significantly higher than the forecast value, which gives the hawkish raising interest rate a better basis. The U.S. CPI data will be released on Wednesday. At present, the White House gave a warning that the CPI of June may be worse. This is likely to prompt the Fed to announce a 100bp hike at the end of July.
The rebound of SOL at this time didn’t reach the previous high, and the bulls didn’t perform as well as BTC’s and ETH’s. And in detail, this week's rise was not accompanied by huge trading volume, on the contrary, yesterday's decline was.
Conclusion: Mostly falling. The rebound of SOL came from a key support level, but from the rebound in mid-June to the current rebound in early July, the bulls have been consumed, and the bullish power near the support level is not as strong as before. If it is retested and broke through, we think there's a high possibility that a decline will be triggered, and it's may be crazy. We maintain the resistance level(42) and the support level(28).
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.
The good performance of the employment data on Friday may be a factor. Although the NFP is lower than that in May, it is significantly higher than the forecast value, which gives the hawkish raising interest rate a better basis. The U.S. CPI data will be released on Wednesday. At present, the White House gave a warning that the CPI of June may be worse. This is likely to prompt the Fed to announce a 100bp hike at the end of July.
The rebound of SOL at this time didn’t reach the previous high, and the bulls didn’t perform as well as BTC’s and ETH’s. And in detail, this week's rise was not accompanied by huge trading volume, on the contrary, yesterday's decline was.
Conclusion: Mostly falling. The rebound of SOL came from a key support level, but from the rebound in mid-June to the current rebound in early July, the bulls have been consumed, and the bullish power near the support level is not as strong as before. If it is retested and broke through, we think there's a high possibility that a decline will be triggered, and it's may be crazy. We maintain the resistance level(42) and the support level(28).
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.
