The Hidden Bull
SOLUSD The Hidden Bull…SOL has been riding the 200 EMA (Yellow Ribbon) for a little while now. I have a key resistance zone set at the red horizontal line, a key liquidity point. If we can break above that resistance level and hold, this could suggest some bullish momentum for the next wave up.
There was a recent break-out attempt from the supply line, however it is looking a bit weak, and volume is not convincing yet. But it is holding rather well in this area.
Key note: There is some hidden bullish divergence that can be observed on a slightly higher TF. This is a clue that suggest some upward momentum could be in the mix, and that this wave down may be complete.
Solana is the ecosystem that drives those memes that are based off the Solana Network, so when this chart makes big moves, as do the memes.
Good Luck Traders!
Note
The chances of a wave up from here are slowly diminishing. SOL is currently printing a bearish pennant. There may be a breakout from the wedge as a "pump fake", but If that happens, I believe it will be short lived. We may test support at the .618 area in the very near future.
Note
Retracement to the 0.618 proved to be quite accurate. A good pump ripped off of the support structure, but has diminished rather quickly. The 2.272 window support structure underneath the 0.618 support line may be the next stop for SOL. 
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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.