The market continues its powerful crash and while everyone is in panic, real traders use this as an opportunity to buy at a discount. And now I will explain why I am actively buying SOL on spot and why it is the best bet for the next months.
📈 In recent months, while Bitcoin has been dropping 4–5% a day, SOL has been holding strong and either falling by a smaller percentage or even growing by 1–2%.
Even today BTC is only 1–2% away from its local bottom, while SOL is 5–6% away.
This is largely due to the newly launched SOL ETF. While BTC and ETH ETFs are seeing record outflows, the SOL ETF has not had a single day of outflows yet. Despite the correction, people keep buying SOL.
➡️ As the correction in SOL continues, selling volumes keep decreasing, which shows that selling pressure is going down.
➡️ However, CMF shows liquidity outflows from the asset, which is natural for the market right now. So this is not a reason to panic.
➡️ During the drop, many gaps have also formed above the price. This means that in case of an upward move, the price will move quickly, without facing much resistance.
➡️ Right now the price has reached a large order block on the daily timeframe and has bounced. If the price holds above this level, the next key level is $147.
If not, a major support level is waiting around $121. A large demand zone has also formed around this level.
📌 Conclusion:
I do not think SOL will fly to a new ATH right now. But as an asset to accumulate on a dip, it is one of the best options at the moment, especially considering the fresh ETF inflows.
✍️ What do you think, does SOL still have a future, or is it already dead?
📈 In recent months, while Bitcoin has been dropping 4–5% a day, SOL has been holding strong and either falling by a smaller percentage or even growing by 1–2%.
Even today BTC is only 1–2% away from its local bottom, while SOL is 5–6% away.
This is largely due to the newly launched SOL ETF. While BTC and ETH ETFs are seeing record outflows, the SOL ETF has not had a single day of outflows yet. Despite the correction, people keep buying SOL.
➡️ As the correction in SOL continues, selling volumes keep decreasing, which shows that selling pressure is going down.
➡️ However, CMF shows liquidity outflows from the asset, which is natural for the market right now. So this is not a reason to panic.
➡️ During the drop, many gaps have also formed above the price. This means that in case of an upward move, the price will move quickly, without facing much resistance.
➡️ Right now the price has reached a large order block on the daily timeframe and has bounced. If the price holds above this level, the next key level is $147.
If not, a major support level is waiting around $121. A large demand zone has also formed around this level.
📌 Conclusion:
I do not think SOL will fly to a new ATH right now. But as an asset to accumulate on a dip, it is one of the best options at the moment, especially considering the fresh ETF inflows.
✍️ What do you think, does SOL still have a future, or is it already dead?
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.