The total evaluation for the SOLANA coin asset is bearish. Please be cautious longing this and do risk management properly, below are the factors that contribute to how bearish this structure is:
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Factors for Bearishness:
Factors for Bullishness:
We are somewhat consolidating to the upside with an ascending triangle. (Can easily be mistaken for a rising wedge)
We are forming continuous higher lows.
We are forming continuous higher highs.
We have not yet triple tested the 26$ support.
My total recommendation approach towards this coin is to pay attention to BTC very carefully, if BTC is sitting at a strong support, take a look at SOLANA and long with proper risk management and tolerance. 38$ is a crucial support as you can see how it crosses both the rising wedge trendline and the multi-month resistance. If we lose 38$ on a break, it will be very hard for us to take above 40$ again.
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Factors for Bearishness:
- We are in a big downtrend.
- We are in a rising wedge (bearish).
- You can also draw a descending triangle or bearish adam and eve formation in this chart. Copy the chart, paste it on a paint application and draw it. (I did not because it would make the chart look messy and unappealing for retail.)
- The NASDAQ, DJI, and SP500 are at a multi-month resistance and is now breaking down further proving the absolute power of that monthly resistance trendline. (You can check the NASDAQ chart I made in my profile.)
Factors for Bullishness:
We are somewhat consolidating to the upside with an ascending triangle. (Can easily be mistaken for a rising wedge)
We are forming continuous higher lows.
We are forming continuous higher highs.
We have not yet triple tested the 26$ support.
My total recommendation approach towards this coin is to pay attention to BTC very carefully, if BTC is sitting at a strong support, take a look at SOLANA and long with proper risk management and tolerance. 38$ is a crucial support as you can see how it crosses both the rising wedge trendline and the multi-month resistance. If we lose 38$ on a break, it will be very hard for us to take above 40$ again.
Do not forget to like, share and save this chart for future references. Its FREE!
Comment:
Invalidated pattern, chart did not establish upside momentum due to Jack Powell's hawkish announcement.