SOLANA has been on a tear lately. After being bought up in a flash after the recent bitcoin crash, it currently trades in a descending channel while sitting on a local support level that could push it upwards to new highs. However, after zooming out, the bigger picture suggests a slightly bearish scenario unfolding. SOL's been forming a broadening wedge lately and is losing its parabolic momentum. I believe it still has some juice left before going on a corrective move downward. Always use stoploss to avoid getting trapped in a losing trade. It's all speculation after all!
Trade closed: target reached
Entered short position at 174, exited at 144.
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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.