As expected, Solana has now broken above the neckline of our inverse H&S, the 50 day, and the 200. This is a great sign for sure but still, caution is warranted until two things happen: the expected pullback on BTC / BTC.D occurs, we understand how altcoins will respond to Bitcoin's pullback.
In Solana's case, I can see it now coming back to retest those three previous resistance areas as support. This may be one area where I look for entry.
Thanks Stew, I noticed a bullish engulfing on the 4h - also, it will be interesting to see how the altcoins respond to BTC. Like yourself I’ve gone very conservative to see how things play out.
stewdamus
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@adam_yas spiney senses tell me to be safe here. Getting mixed signals on the alt charts so I don't think it's wrong to play it safe here.