Jul.4-Jul.10SOL(1d)Weekly market recapThe U.S. NFP of June was better than expected last week, but the reduction was not obvious. So the market ignored it. The CPI of June will be released this Wednesday. If the CPI cannot be significantly lower than the expected value 3.1%, it will also be ignored by the market. The FOMC will not change the idea of raising interest rates by 25bp.
Equally important for cryptocurrencies is the BTC spot ETF. Although the deadline of reply from the SEC is at the end of 2023, if there is any progress, the market will be excited.
As we predicted, SOL maintains a strong bullish trend. Price extended their gains, recovering losses from early June, approaching the given resistance level. A long green candle with increasing volume shows the strength of the bulls. During the rising process that started in July, the bear went to Summer Pool Party:). For the callback, the duration was low and the range was small. There is a big gap between bulls and bears. Based on last week's gains, SOL has moved from bearish to neutral on a large scale.
Conclusion: The high probability rise has not ended. Although the price is close to last week's given resistance level, it is difficult for the rising to stop at the current price level. Bulls is strong. We raised the given resistance level to 26 and maintained the support level at 16.
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