We are in a bullish trend and just need to cool down and think how far ahead we are.
Last Thursday, the Federal Reserve announced a 25bp rate hike, and Powell's speech did not bring additional attitude. The market believes that Powell recognized the market's bullish performance in January and rose again. However, last Friday's employment data was unexpectedly better than the previous value, which was negative for assets other than the US dollar. So gold market, foreign exchange and bond markets all experienced significant declines. But the decline in US stocks and the crypto-market was relatively gentle. The market is think how far ahead we are. Powell is due to deliver a speech at noon on Tuesday, which may unify the price of various assets.
The performance of SOL last week was the weakest of the three. Although the price also did not pull back violently. The current price is lower than the price when recap was released last week, and the highest price last week was also lower than the previous high. On a relatively friendly note, the trading volume of the red candles were low. It means that both bulls and bears are weak. After pulling the entire market back in early Jan, SOL has gradually turned into a follower.
Conclusion: There is a high probability that the callback has not ended. Based on last week's performance, the strength of the bears is stronger than the bulls, and SOL still has the possibility of a deeper correction. We maintain last week's support level at 17.6 and resistance level at 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.
Last Thursday, the Federal Reserve announced a 25bp rate hike, and Powell's speech did not bring additional attitude. The market believes that Powell recognized the market's bullish performance in January and rose again. However, last Friday's employment data was unexpectedly better than the previous value, which was negative for assets other than the US dollar. So gold market, foreign exchange and bond markets all experienced significant declines. But the decline in US stocks and the crypto-market was relatively gentle. The market is think how far ahead we are. Powell is due to deliver a speech at noon on Tuesday, which may unify the price of various assets.
The performance of SOL last week was the weakest of the three. Although the price also did not pull back violently. The current price is lower than the price when recap was released last week, and the highest price last week was also lower than the previous high. On a relatively friendly note, the trading volume of the red candles were low. It means that both bulls and bears are weak. After pulling the entire market back in early Jan, SOL has gradually turned into a follower.
Conclusion: There is a high probability that the callback has not ended. Based on last week's performance, the strength of the bears is stronger than the bulls, and SOL still has the possibility of a deeper correction. We maintain last week's support level at 17.6 and resistance level at 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.
