Quick update from my last post on SOL, after a failed breakout (cut short by BTC) SOL has consolidated into a failing wedge and is pressing now upon a daily support area. Indicators suggest a possible rally, though as per my previous idea a breakdown could see us revisit the support 145 range, which is a value area and global bullish trend of SOL's entire bull run (on log chart)
Will want to see a break upwards confirmed with a close above 200-204 range (and obviously BTC may have a say in this)
I'll be watching the levels of support and resistance as marked in the chart
Will want to see a break upwards confirmed with a close above 200-204 range (and obviously BTC may have a say in this)
I'll be watching the levels of support and resistance as marked in the chart
Note
SOL bounced well from the marked area. Short term profit targets would be
TP1: 170 range
TP2: 195 range
Long term hold is good, but another dip from BTC is likely so not a bad idea to take some profit if we hit these targets and potentially reload back at support area
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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.