Hackathon had over 500 submitted projects, more than ever in history of the famous token. Why is this so important? Because I believe, this reaffirms the fundamentals, the case to be made that Solana is going to be multiple thousands of dollars in the not-to-far-future. I also believe earn-to-play games will be built on SOL which will grow into a trillion dollar...
Shown in the chart - you can expect either we break the descending trendline and make new higher highs, or we get rejected and retest the nearest support level. Should that level fail, we will drop to the MAJOR support area before continuing higher.
Just like the recent chart I posted on $SOL, there is a 4-hour bearish divergence on the RSI. I'm not buying ETH until we get a pullback to one of the two areas of interest.
Viewing my previous charts you can easily see that we are very bullish Solana, especially when we look at the daily time frame. Also, the fundamentals are all bullish as well. However, for the 4-hour chart we can easily spot a bearish divergence on the RSI that correlates with our bullish channel within a channel. If we drop to $200.00 I would load up as your...
We want to buy what's hot but much of the time, trader's FOMO into a pump and don't have good risk/reward systems in place. The 2nd area marked is HIGHLY UNLIKELY to be touched, given the support strength of the 1st area. PATIENCE IS KEY!
I measured the low to high or our last leg up to $216.00 and found that it corresponds with the drawn ascending channel (which is unconfirmed). We also looked at the RSI and can see a possible path for it to start working it's way to the 90 level (shown in the two green boxes). With ALT coin season, the Solana hackathon in November, and BTC dominance (BTC.D)...
As we approach the APEX of our symmetrical triangle, I provide what I believe are the two likely scenarios. Obviously, you should consider my statement is open to refutation, so trade carefully.
I bought at $150 and will average down my CPC if we continue to go lower. However, I hope my ascending channel mentioned in my earlier chart is reality. Check out my WHAT IF chart linked in the RELATED IDEAS section. What do you think?
Here is a bullish way to look at Solana's recent price action. Looking at the prospect of SOL bouncing around in an ascending channel, the possibility of the price recovering at this level looks promising.
Given the bearish triangle, which can also be plainly seen on Bitcoin charts, I believe that the light-blue path has the highest probability.
I like to intraday trade by recognizing longer term patterns (the wedge pattern) and with micro trendlines (dotted lines). We are still waiting to see if $SOL is going to break out of the wedge formation to the upside, as I believe it may, so treat this as an update to my original chart in the "RELATED IDEAS" section called "A bold set of $SOL price predictions".
For short-term swing trading, I'm expecting a good bounce up to ~$180 for #Solana until we have further consolidation or possibly a healthy correction.
Unless we have something unexpected occur, I expect the US Dollar Index to continue to consolidate in this RED/GREEN zone. I don't trade the $DXY because it's slower than molasses but it matters because the index normally manipulates the crypto markets prices, especially Bitcoin.
Go baby go! That red line FIB level is calling your name!
I don't know but I feel that the FIB level will be in play sooner than we think. Thoughts?
There is a descending trendline in my chart that many aren't paying attention to; instead, they focus on the falling wedge pattern. I'm not saying that wedge doesn't matter, it certainly does, but this trendline will keep BTC down or propel it up after it breaks that most charters aren't considering.
We're watching what $AMC does and expect that sooner than later, the GAP marked on the chart will be filled.
The 38.2% FIB must hold here for a bounce. There are a lot of reasons we could bounce at this level - however, always use a stop to protect your capital.