Solana (SOL) - why I'm being cautious with position size
Start by saying I am Bullish on Solana, and we can see a repeating fractal and signs of strength with the inter-day breakouts. Though what I want to note is the relative weakness of volume with this recent move toward the inter-day breakout above previous high. I want to see some strong volumes in this move up and an trend of accumulation to back it up, as we have seen with the previous breaks marked on the chart. Rather we have seen a strong distribution sell off after last high and yet to see the volume trend keep pace with the price trend. We can see this in both the volume profile and the OBV.
The last significant sell off from ATH took us below support on the OBV and we have only just broken above.
This is not to say that Sol will not make some significant gains in the near future, and I am currently long on SOL, though I will be cautious with my position size. It is yet to fulfill my criteria with volume signatures to be a A trade
possible we might see some intraday weakness before strength, could speculate on a rejection from this range and possible cup and handle to confirm buyer support. All speculation - waiting for further confirmation
(Note: this post could plausible be written about BTC daily chart at ATH too. weekly is bullish, daily has some question marks)
The last significant sell off from ATH took us below support on the OBV and we have only just broken above.
This is not to say that Sol will not make some significant gains in the near future, and I am currently long on SOL, though I will be cautious with my position size. It is yet to fulfill my criteria with volume signatures to be a A trade
possible we might see some intraday weakness before strength, could speculate on a rejection from this range and possible cup and handle to confirm buyer support. All speculation - waiting for further confirmation
(Note: this post could plausible be written about BTC daily chart at ATH too. weekly is bullish, daily has some question marks)
fractal wise, we are actually looking pretty similar to Mar this year, which holds promise