SOLANA - Second Wave Incoming?
Updated
Everyone's favorite altcoin, at least in this cycle!
Let's study
SOL's behavior so far and see how much gas it has left in the tank.
Macro View
The month is looking promising! It's currently trading above previous month high and 2023 yearly open (key level) . What does this mean? Two possible outcomes:
The latter scenario has a higher probability, so let's explore it a little further
If the trend confirms within this month - let's say it doesn't but August does print the bullish signal - the price targets will be at $438 and $1,531 if things pick up nicely.
The second target remains within reach as the consolidation period features multiple equal highs. This calls for a strong move to the upside once things line up, as they are doing now.
Actions to take:
Below $140 the idea is invalidated :(.
Let's study
SOL's behavior so far and see how much gas it has left in the tank. Macro View
The month is looking promising! It's currently trading above previous month high and 2023 yearly open (key level) . What does this mean? Two possible outcomes:
The latter scenario has a higher probability, so let's explore it a little further
If the trend confirms within this month - let's say it doesn't but August does print the bullish signal - the price targets will be at $438 and $1,531 if things pick up nicely.
The second target remains within reach as the consolidation period features multiple equal highs. This calls for a strong move to the upside once things line up, as they are doing now.
Actions to take:
Below $140 the idea is invalidated :(.
Trade active
Price similarity somewhere?
Summer 2021 seems the most obvious for several reasons:
Same period (Summer months) of consolidation.
Weekly RSI retesting mid levels.
Almost the same number of weeks of oscillation (14 and 17) respectively.
Both trends remain intact with higher lows.
Forget
ETH and focus on momentum and the hype. Solana has both!Trade active
Time to take Action!Price sitting at $170 (support)
Fails to hold and $160-$155 are my next bids.
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Things playing out nicely. Waiting to reclaim this last high.
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Keep in mind $155 is in play for the swing play. Those prices are welcomed as long as $147 is respected
Hope no one bought above $187 :)
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Went much lower than expected.
Anything lower than a weekly timeframe got invalidated. But monthly still intact.
Will most likely trade within this zone (125-140) before the end of the month.
Above $153 should have bears against the wall and enough to push them out.
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A bit underwater but once it moves above $152 things will pick up momentum.
Note
There was a massive failure to reclaim the level. As usual, the market is testing everyone's patience after taking liquidity from both sides (meme faces are the extremes).
Given this scenario, we can either target the liquidity at the equal lows ($135) for a long opportunity, which might be the last chance to go long within this trading range, at least for me.
Alternatively, we can wait for a new trend to form above the most recent highs ($160). This approach is the norm for most traders, but I prefer to bid lower in anticipation of that breakout.
Choose the strategy that suits you best. As noted in previous posts on RRUNE, POPCAT, and
BTC, the consensus is that we’re range-bound for now, with volatility expected to return to the markets around mid-September.
Note
Monthly trends remain steady, with an increasing chance of confirming a bullish trend for October.
If September closes within the current price range, we can anticipate an expansion bar forming closer to $170 to validate the new trend for the month of October.
Things are still a bit slow, but the longer it ranges, the stronger the potential for a significant move in either direction.
Trade active
Solana just fired a weekly signal! 🚀 It’s great to see this momentum.
Once it reaches the target by next month—hopefully—it could trigger a monthly trend strong enough to carry us to the moon! 🌕
Let’s keep our eyes on this one!
Note
SOL needs to hold this area if we want to have any hopes of seeing momentum pick up.
Note
SOL season starts once it breaks above this trendline.
So far it held the $134 level. One more push and things could get juicy
Note
The monthly trend is very close to confirming. If it moves above $194, it will start trending strongly. It needs to reach that price before the end of the month.
Note
SOL has finally activated the monthly trend.
Expecting $300 and possibly above $600
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