I believe this pump is at its last, and the odds are now in favor of the bears. SOL (along TRX) has been on my watch list for the big short for a couple of weeks now, and I believe it starting to look ripe. Distribution is about to start here, and we will see some top volatility with violent 5-10% swings in either direction.
This price area, at about $80 coincides with the support of March '22, when it was briefly established to secure the exit (late March '22) before the big drop to $30 and then to $10.
So it was a fairly obvious target for the pump, and an obvious distribution band.
Time to book the profits and reverse now.
I would not exclude the possibility for even deeper correction, to mid $30. It depends on the broader crypto market, especially Bitcoin. If Bitcoin corrects by 30%, SOL will correct 60%.
The best way to approach shorting tokens like this is to wait for market maker to stop pushing up. Be patient.
Tp1: $45
Tp2: $35
This price area, at about $80 coincides with the support of March '22, when it was briefly established to secure the exit (late March '22) before the big drop to $30 and then to $10.
So it was a fairly obvious target for the pump, and an obvious distribution band.
Time to book the profits and reverse now.
I would not exclude the possibility for even deeper correction, to mid $30. It depends on the broader crypto market, especially Bitcoin. If Bitcoin corrects by 30%, SOL will correct 60%.
The best way to approach shorting tokens like this is to wait for market maker to stop pushing up. Be patient.
Tp1: $45
Tp2: $35
Trade active
Comment:
Strong divergences seen on all timeframes, traders are accumulating short positions. Target remains 45.
Comment:
tp1: updated to 48