SOL is holding above support around $166, potentially heading for a test of local highs around $185. A strong break and close above could signal a push towards $190 - $200.
For the time being, Solana has also yet to reclaim its 1D 200MA which could also be signalling some weakness, or lack of strength rather, in the short-term.
Reclaiming $166 on 21 May could've confirmed it as support for a push towards higher prices.
Considering that SOL is nowhere near its ATHs and assuming continued bullish market momentum, one could be very optimistic about its potential.
However, from being a market leader to lagging so far behind BTC, I fear that it might not make a significant ATH in this cycle - assuming this year is all we have left.
I hope I'm wrong about that, haha.
For the time being, Solana has also yet to reclaim its 1D 200MA which could also be signalling some weakness, or lack of strength rather, in the short-term.
Reclaiming $166 on 21 May could've confirmed it as support for a push towards higher prices.
Considering that SOL is nowhere near its ATHs and assuming continued bullish market momentum, one could be very optimistic about its potential.
However, from being a market leader to lagging so far behind BTC, I fear that it might not make a significant ATH in this cycle - assuming this year is all we have left.
I hope I'm wrong about that, haha.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.