After the break above consolidation's resistance back in mid-October, Solana has risen very nicely and had a high at 68.
After the initial correction, a new leg-up followed, however, this new rise failed to pass above the previous high and SolUsdt fell again.
At this moment the coin is trading at 60 and a drop under 55 will confirm that a deeper correction could...
12h time frame
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SOL creating a rising channel or could be called as bearish flag, it just hit the channel top and got rejection. Also, there were two times SOL hit the upper uptrend line, and both got further dump. Both dumps satisfied 0.707~0.786 Fibonacci Retracement, so we can set target at the potential Fibonacci level around 20.5~23, this trading provides...
1h time frame
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SOL creating a potential bottom HS. Currently, getting support at 19, However, right shoulder hasn't formed yet, so we might see lower low of RS. Neckline of this HS is obvious at 20.5
Once SOL break neckline on upside, there are two targets as below.
TP: 21.8~22.5 / 23.78
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For this particular analysis on Solana we are using the SOLUSDT symbol on the OKX exchange.
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The idea is on the 1D time-frame where SOL has been having the best rally since June after the October 21 bottom on the Support Zone. The price is approaching the 1D MA200 (orange trend-line), which has been unbroken since January 20. If broken, that...
