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SOL / TetherUS
Long

SOL possible resurrection?

By evasivesteering
Updated

SOL is one of the most affected cryptos by the FTX crash.

Without knowing much about its fundamental, I would like to give my view based on TA.

In my opinion, along with other large cap cryptos, SOL may have found its bottom (at $8). What will be the worse scenario for SOL than the FTX's fall? May be the crash of all markets? Except this extreme scenario or a similar one, I expect a recovery of crypto market in general and of SOL in particuliar.

Now let talk about SOL. My idea is quite simple: On weekly time-frame, CMF values seem to cross 0 from negative values. It would indicate that the bottom is in and the trend is about to reverse for SOL. Prices are now above the lowest ascending trendline (black continous line), but it would approach this support in the future, at a higher prices. By this, I suppose that the lowest trendline depicted in chart would be the last support, if the considered structure holds.

Certainly I need to search/update on this project, but for a possible investment strategy, I put in chart a referenced "Accumulation area" and a very optimistic target.

What do you think about this analysis and the price projection? Do you believe in a possible ressurection of SOL (and why)?

Thanks for your comments and for any piece of information about the project.

All the best with your trades!













Note
SOL retested the 'last' trendline support and bounced.
CMF values (on 1W TF) are still positive showing buy interest.
Consolidation is still on-going, in my opinion

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First effort to break-out but prices are still in the accumulation area.
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Still in Accumulation box
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SOL has made a good move up. However, in my opinion, the accumulation at lower prices is still possible. Indeed, in mid-term, here is my view with which SOL is forming an distribution Wyckoff schematic in mid-term:
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For short-term view I'm watching the distribution scenario to add more cheap SOL in my bag.... (see next comment for my complete opinion)
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However, for long-term we can continue to accumulate because SOL is still in the yellow box
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Update on SOL: Keep an eye on the distribution scenario (posted in 2nd October, see comment above)
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THIS IS A SHORT-TERM VIEW:
SOL starts showing some signs of weakness. The momentum to go up is lost. It may consolidating abit before correction.
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My short-term analyses did not work for SOL which is very strong. However, my long-term view is unchanged: Accumulation in yellow box.
Today, the train is leaving the station, but future always gives opportunities to buy SOL at good prices. Let just wait.

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Even I've prepared for this break-out months ago (since march 2023), SOL's move still suprises me, as always (and this time in a good way :) ). Hope that you are enjoying the ride.
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SOL has increased almost 300% (x4) from my reference buy. The Target $999 is still far but closer than that at the moment I posted this plan ($20).
Do you think that $999 is feasible in the next bullrun?
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SOL made 450% since my entry (see first comments). My first target to sell is an x10 (around $250) and the second one is an x20 (around 500). The initial target around 999.99 is still a very big question. Let's see, nothing is impossible in crypto.
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SOL has been consolidating before a new rally (expectedly).
I intend to take-profit between x10 - x20 (mainly) and above.
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SOLSupport and ResistanceTrend Lines
evasivesteering
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