Solana is forming an H&S pattern on the 4h time-frame. While other coins were at prices 50-70% lower than their ATH, Solana has been only 20-30% down. But the fall has to come someday and you cannot keep on resisting the overall market sentiment for long. We're going to see the same kind of fall in Solana now.
Other than H&S, the 5 SMMA is converging towards the downside from the 144 WMA.
The 5 SMMA and 144 WMA are key indicators of uptrends and downtrends. Whenever the 5 SMMA has converged downwards from the 144 WMA, the market has seen a multi-day bearish movement. The price objective which is = height of the head coincidentally falls at a vital 0.236 fib level. So, 0.236(25.037) will definitely be tested and the H&S price objective will follow its textbook rule.
Entry price: 33.9
Targets: 31.66, 28.7, 25.1
SL: 34.618
Note: None of this is financial advice. Do your trades at your own risk and discretion.
Other than H&S, the 5 SMMA is converging towards the downside from the 144 WMA.
The 5 SMMA and 144 WMA are key indicators of uptrends and downtrends. Whenever the 5 SMMA has converged downwards from the 144 WMA, the market has seen a multi-day bearish movement. The price objective which is = height of the head coincidentally falls at a vital 0.236 fib level. So, 0.236(25.037) will definitely be tested and the H&S price objective will follow its textbook rule.
Entry price: 33.9
Targets: 31.66, 28.7, 25.1
SL: 34.618
Note: None of this is financial advice. Do your trades at your own risk and discretion.