I keep hearing here and there that SOL is now cheap and the weekly candle is looking like distribution
But is it really?
We have on going downtrend momentum across the board in all assets and when we take some observations of the FTX Solana chart.
Those volumes signatures at the incredibly high. A sign of a massive distribution.
We are yet to see some similar signatures being produced on the lows to offset at least some of the volumes produce at and near the ATH.
When we deploy some trendlines against the RSI we are yet to the break of it and price retest the lows as usually do.
Altcoins tend to also go trough longer periods of accumulation.
Also important to note that Solana chain is often halted / broken.
If wasn't a billionaire with an exchange and a market making business promoting it this chain would fall to irrelevancy.
So I do think Solana will see further down side but we are yet to retest the current lows to see how it will behave within the defined ranged lows produced that the visibly wide and strong volume weekly candle.
But is it really?
We have on going downtrend momentum across the board in all assets and when we take some observations of the FTX Solana chart.
Those volumes signatures at the incredibly high. A sign of a massive distribution.
We are yet to see some similar signatures being produced on the lows to offset at least some of the volumes produce at and near the ATH.
When we deploy some trendlines against the RSI we are yet to the break of it and price retest the lows as usually do.
Altcoins tend to also go trough longer periods of accumulation.
Also important to note that Solana chain is often halted / broken.
If wasn't a billionaire with an exchange and a market making business promoting it this chain would fall to irrelevancy.
So I do think Solana will see further down side but we are yet to retest the current lows to see how it will behave within the defined ranged lows produced that the visibly wide and strong volume weekly candle.
D7R
