SOLANA - one more minor dip before going up?
Updated
I just published my analysis on BTC. The set up for Solana is quite similar to BTC.
The price broke and close above descending trendline. All momentum indicators are starting to move upwards. However, when I analyse major cryptos such as BTC, ETH and SOLANA, MACD seems to be the most reliable indicator to analyse the direction of the price (for me at least).
Solana will eventually start going up, however, there is a sell block sitting above $220 area which is 0.5 Fib level. When RSI and Stochastic reach above 50 level, I interpret it as the beginning of the bull trend. However, if MACD is still below 0 line, the price often moves up to key Fib level such as 0.5 and 0.618 and gets pushed back down again. The price move on the 3rd July 24 (red vertical line on the chart) is a good example. I think Solana will go up eventually, but it is possible to have another minor dip before moving up.
The price broke and close above descending trendline. All momentum indicators are starting to move upwards. However, when I analyse major cryptos such as BTC, ETH and SOLANA, MACD seems to be the most reliable indicator to analyse the direction of the price (for me at least).
Solana will eventually start going up, however, there is a sell block sitting above $220 area which is 0.5 Fib level. When RSI and Stochastic reach above 50 level, I interpret it as the beginning of the bull trend. However, if MACD is still below 0 line, the price often moves up to key Fib level such as 0.5 and 0.618 and gets pushed back down again. The price move on the 3rd July 24 (red vertical line on the chart) is a good example. I think Solana will go up eventually, but it is possible to have another minor dip before moving up.
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As expected, the price reached $220 and is starting to come down now. I think the price will come back to somewhere between Fib 0.382 and 0.236 level where previous week high is, and bounces back up. Daily MACD lines are entering the bull zone so the long term trend is likely to be uptrend, but it looks the price will go through a minor dip before the next leg up. 
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