SkyRockSignals

SOLUSDT | The Growth Opportunities

Long
BINANCE:SOLUSDT   SOL / TetherUS
Hello, guys!

Let's take a look a Solana (SOL). Solana is a fast, secure and censorship resistant blockchain providing the open infrastructure required for global adoption. It's a system which allows to make transactions.

FUNDAMENTAL ANALYSIS
Let's take a look at advantages.
1. Solana has really cheap transactions. Much more cheaper than Ethereum or Cardano
2. It is completely decentralized, while, for example, BNB is centralized.
3. Solana is censorship resistant.
4. This project is not on the huge hype yet.

TECHNICAL ANALYSIS
When the price reached the $18 it began to move in the downward direction. It have almost formed the symmetrical. As you already know it is on the uptrend this is the bullish sign. Now the price is trying to break down the triangle's lower band. If it is happen the $11.64 (0.38 Fib) level acts as the next support. Here are two possible scenarios:

1. Green. The price bounce off the 0.5 Fib level (12.84) and break the triangles upper line. After that it should find support above the 0.61 Fib ($14.04) and continue move to the upside.

2.White. The price will break the triangle to the downside and find support at 0.38 Fib ($11.64) before the bullish rally continuation.

Also let's take a look at SOLBTC analysis. We can see that the price have already formed the massive cup and handle pattern. The target of this cap and handle is high. Now the monthly CPR acts as a magnet for the SOLBTC. It is high probability that the price touch it before the massive growth to the R1 pivot level. As a result, in case of bullish rally continuation for the Bitcoin , the Solana can moon.

Information is provided only for educational purposes. Do your own study before taking any actions or decisions.

Comment:
Trade active: The symmetric triangle was broken to the downside, but now I think that the price is forming DESCENDING triangle, which have the high probability to be broken to the upside during the current global uptrend for Solana. The 0.38 Fib level have been almost reached, but the price now is trying to break the 0.5 Fib level and the triangle to the upside. If it is the case we can see the price at the target levels soon.
But the price can also bounce off to the downside to test 0.38 Fib again before the uptrend continuation, it is absolutely normal.
Let's also notice the bullish divergence between Money Flow Index and the price action. This sign means the high probability that the price will be able to break the triangle to the upside.
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Comments

this is super similar to what i drew last night as well!!
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SkyRockSignals GlaswegianCamel
@GlaswegianCamel, I suppose, that here is the descending triangle now, but this is a not big change for the current analysis.
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always like reading your charts mate. excellent work again!
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