Solana Daily Breakout- Let's finally get some hopium, shall we?
SOLUSDTSOLUSDTSolana has broken out, it was imminent as we have been technically overextended to the downside for the previous 9 days (referring to Solana). Now, what is next? Probably not this chart, but if we are simply relaying history into its traditional pattern, we have a classic run down (green arrow) inclined to a 20% move to the upside before double bottom's in on a bullish divergence (green marker+rsi). We have seen this chart pattern play out before last summer, during the china crush. The play out of this pattern led to a parabolic move for the altcoin, Rounding out a 700%+ trip to the upside before reaching what we now know of as the all-time high. Very similarly, we have seen this pattern replay itself, with a breakout confirmed on yesterday's big move on the back end of extremely high short interest meeting with the announcement of the EIP-1559 merger. If we imply the same % difference from the low of the double bottom to the trend high. It coincidentally (maybe maybe not) lines up with the exact dollar value as the .382 Fibonacci retracement level, beginning from the all-time high to the trend bottom of the initial dump-off, as made visible on the chart. Now I posted in the title that this is simply a case of hopium, and with a high time frame like the daily it will take a good amount of time to see the chart play out, and likely some shaking off in between then. There is no flip side case (bearish) with the macro picture and other underlying risks you would be taking for this trade, but these are the statistics nonetheless. Drop a follow for more chart analysis!
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